Does the crypto industry need total control?

“If you want to introduce effective regulation, then you need to do the same as with traditional financial institutions… The recent FTX scandal is not caused by the shortcomings of cryptocurrency technology. Weak governance, weak internal control and lack of proper supervision led to it.”
Mamoru Yanase, Deputy Director of the Financial Services Agency of Japan (FSA)
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FSA appealed to world regulators with a proposal to treat the cryptocurrency industry as strictly as banks.
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The digital asset industry is growing, and the FSA considers to introduce better control over this area.
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The agency calls on its colleagues in the United States, Europe and other countries to subject cryptocurrency exchanges to stricter regulation.

The representative of the Japanese department did not rule out the creation of a global tool that solves problems for coordinating actions in the event of bankruptcy of large cryptocurrency companies.

Does the cryptocurrency sphere need total control, like the banking sphere? What is your opinion about that?