Japan's financial regulators may propose legislation in 2022 restricting stab...
The move comes as the Bank of Japan wants to roll out a digital yen CBDC by the end of next year. According to The Nihon Keizai Shimbun (Nikkei), one of the world's largest financial newspapers and the entity behind the Nikkei 225 stock index, Japan's Financial Services Agency, or FSA, will propose legislation next year restricting stablecoin issuance to only bank and wire transfer companies. Theoretically, this would prevent entities such as Tether (USDT), which does not operate as a bank and is only regulated in the British Virgin Islands, from conducting business with Japanese....
Related News
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....
LINE Pay said it was considering adding other cryptocurrencies including Bitcoin and Ether to its payments options in the future Users of Japanese messaging giant LINE will soon be able to use the app’s native token for payments at select online merchants in a limited trial.In a Tuesday announcement, the LINE Corporation said that starting on March 16, users would have the option of paying with native LINK token (LN) — not to be confused with Chainlink (LINK) — at any of LINE Pay’s online merchants. The trial period, which will run until Dec. 26, is aimed at testing real-life use cases for....
The newly revised legislation submitted by the FSA defines any digital currency as a conventional currency if it operates as a legal medium of exchange that can be used to purchase goods and services. Japanese financial regulators have proposed the Financial Services Agency (FSA) to handle digital currencies such as bitcoin as a conventional currency. The newly revised legislation submitted by the FSA defines any digital currency as a conventional currency if it operates as a legal medium of exchange that can be used to purchase goods and services. The legislation states that digital....
The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd.
Law on Stablecoins Approved in Japan in Aftermath of UST Collapse
Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday.
With the new law, Japan....
Top financial regulators in England and Japan have independently issued warnings on Binance for offering crypto exchange services to residents of the two countries without being registered with the regulators as required by law. Japanese Regulator’s Warning Japan’s top financial regulator, the Financial Services Agency (FSA), issued a warning notice to Binance Holdings Ltd. and CEO Changpeng Zhao on Friday. The notice states that Binance has been providing crypto exchange services to Japanese customers without registration. Under Japanese cryptocurrency regulation, companies....