Odaily News Chainalysis noted in a blog post that this year has seen a number of seemingly positive developments in the cryptocurrency ecosystem. It noted that with the approval of spot Bitcoin and Ethereum ETFs in the United States and the revision of fair accounting rules by the Financial Accounting Standards Board (FASB), cryptocurrencies continue to gain mainstream acceptance in many ways. Chainalysis also mentioned that funds flowing into "legitimate" services so far this year are at the "highest level" since 2021, the peak of the last bull market. It noted that funds for illicit activities so far this year have fallen "19.6%, from $20.9 billion to $16.7 billion, indicating that legitimate activities are growing faster than on-chain illicit activities." These signs indicate that cryptocurrencies will continue to be "adopted globally," and are also reflected in Japan's crypto ecosystem. Overall, Japanese services have "generally lower exposure to global illicit entities, such as sanctioned entities, darknet markets (DNMs), and ransomware services, as most Japanese services are primarily targeted at Japanese users." But the report clarified that this does not mean that Japan is "completely immune to crypto-related crime," and public reports including Japan's Financial Intelligence Unit (FIU) JAFIC have emphasized that cryptocurrencies pose "significant money laundering risks." Chainalysis further noted that while Japan’s exposure to international illicit entities may be limited, the country “is not without its own local challenges. Off-chain criminal entities leveraging cryptocurrency are prevalent but often go unnoticed.” (Crowdfund Insider)