When it comes to this area, it most certainly is.

Their crypto markets seemingly became bigger than their actual stock market for a bit. Despite this there was literally no financial regulation or taxation applied to their exchanges.

All you needed to open one was an ecommerce licence, the same type of licence required to sell tyres or Hello Kitty backpacks. No requirement to protect funds, no requirement for ID, no accountability for anything, zilch. And it was totally untaxed.

I genuinely cannot believe any other developed country would be that incompetent in allowing something so potentially disastrous to spring up unchecked. At the very least they could've applied laws from other areas as a stopgap.