A new stablecoin regime for Japan could be underway.
Japan became one of the first big countries to establish a legal framework for stablecoins in June. Six months later, it is taking yet another crucial step to tweak the existing ban as the Financial Services Agency is looking to lift the ban on foreign-issued stablecoins.
Under the new rules, distributors will be tasked with handling the stablecoins instead of the foreign issuers to protect their value. The digital asset exchanges in the country will be able to handle stablecoin trading under the condition of asset preservation by deposits and an upper limit of remittance.
For domestically minted stablecoins, on the other hand, the issuer will be required to prepare assets as collateral. Moreover, only banks, fund transfer service providers, and trust companies can be issuers in the Japanese stablecoin market.The FSA will mandate stablecoin distributors to record transaction details such as user names as part of anti-money laundering measures. The financial regulator also plans to start collecting feedback on proposals for its draft guidelines on stablecoins.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Emails reveal Sam Bankman-Fried's courtship of federal regulatorsThe cryptocurrency billionaire employed several former regulators who aided his efforts to woo top CFTC officials, emails obtained by the Los Angeles Times show.
Lire la suite »
Japanese shares end higher on Wall Street gains, financials weighJapanese shares ended higher on Monday, underpinned by Wall Street's strength in the previous session, with heavyweight technology and energy stocks leading the gains, while a drop in banks and insurers weighed on the market.
Lire la suite »
Republic of Korea awards SoCal Japanese American Korean War veterans Ambassador for Peace MedalAt a tribute sponsored by the Veterans Memorial Court Alliance and other groups, the consul general of the Republic of Korea in Los Angeles honored veterans with the Ambassador for Peace Medal.
Lire la suite »
Pokémon TCG Japan: VSTAR Universe Preview: Magnezone Art RareShinya Komatsu, illustrator of the Machamp Alternate Art, gives Magnezeon the Art Rare treatment in PokemonTCG Japan: VSTAR Universe. Pokemon CrownZenith
Lire la suite »
Japan minister signs clean energy cooperation document during Saudi visitSaudi Arabia and Japan signed a memorandum of cooperation (MoC) on Sunday in the fields of the circular carbon economy, carbon recycling, clean hydrogen and fuel ammonia, the Saudi Energy Ministry said on Twitter.
Lire la suite »
Pokémon TCG Japan: Scarlet & Violet Ex Preview: Cyclizar ExPokemonTCG Japan collectors will get Cyclizar ex in promo packs for those who buy Starter Set ex decks. How will it be released in America? Pokemon
Lire la suite »