A crypto winter appears set to endure in the U.S., as the country's financial watchdog has continued to intensify a crackdown on the industry in recent weeks.

The turmoil came after the collapse of FTX — once one of the world’s top virtual token exchanges — late last year, raising the question of whether a similar chill will spread to other countries such as Japan.

But some Japanese industry players believe the U.S. downturn could actually be an opportunity for the nation to grow its presence in the field, advancing it as a hub for the sector since it has already established a decent legal framework.