Japan passes bill to limit stablecoin issuance to banks and trust companies
The Japanese government is rushing to enforce new stablecoin laws in the aftermath of the Terra collapse. Japan is moving forward with legislation regarding the issuance of stablecoins i.e. digital assets with their value pegged to fiat currencies or stabilized by an algorithm. On June 3, Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions, local news agency Nikkei reported. The bill reportedly stipulates that the issuance of stablecoins is limited to licensed banks, registered money transfer agents and trust companies in Japan.The new legislation also....
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Japan’s top financial regulator, the Financial Services Agency (FSA), is reportedly planning to propose legislation to restrict stablecoin issuance to banks and wire transfer companies. Crypto service providers involved in stablecoin transactions, including wallets, will also be brought under the financial regulator’s oversight.
Japan to Tighten Stablecoin Regulation
Japan’s Financial Services Agency (FSA) is planning to tighten the regulation of stablecoins by imposing strict rules on their issuers, Nikkei reported Monday, stating:
The Financial....
On Tuesday, the Senate achieved a significant milestone in cryptocurrency regulation by passing the GENIUS Act, a landmark bill that sets the first federal standards for stablecoins. The legislation, which secured a 68-30 vote, creates a regulated pathway for private companies to issue digital dollars under the federal government’s oversight. New Era For Stablecoin Regulation […]
The Diet in Japan (the legislature consisting of the Lower and the Upper Houses) has passed a bill today that mandates the regulation of bitcoin and virtual currency exchanges by the Financial Services Agency (FSA) in Japan. Japan has enacted a bill today that will see the regulation of operators of virtual currency exchanges, a Japan Times report revealed. The revised law will see virtual currency exchange operators mandated to register with the Japanese Financial Services Agency. The bill also enables the agency to have the authority to conduct on-site inspections and will require....
In a positive development for the crypto industry, the Florida State Senate has passed a bill to create a regulatory framework for stablecoins at the state level. This move comes amid the struggles to enact a broader crypto market structure bill in the United States. Florida Creates Stablecoin Framework With New Bill In a Friday, […]
Operators of “virtual currency” exchanges in Japan will have to register with the country’s main financial regulator after the national parliament’s upper house passed a new law today. The Japanese Financial Services Agency (FSA) will also have the power to conduct on-site investigations and issue administrative orders, according to a report in the Japan....