Share this article
BTC
$117,983.21
-
0.45%ETH
$3,804.50
+
0.70%XRP
$3.1170
-
0.14%USDT
$0.9998
-
0.01%BNB
$799.64
-
3.32%SOL
$180.28
-
1.65%USDC
$0.9999
+
0.00%DOGE
$0.2227
-
1.26%TRX
$0.3377
+
3.41%ADA
$0.7792
-
1.15%HYPE
$42.97
-
2.08%SUI
$3.7800
-
3.89%XLM
$0.4178
-
0.66%LINK
$17.71
-
2.17%BCH
$565.48
-
2.74%HBAR
$0.2589
-
3.11%AVAX
$24.10
-
3.02%WBT
$43.82
-
0.36%LEO
$8.9619
-
0.07%LTC
$107.93
-
0.95%Sign Up
- Back to menuCryptocurrencies
- Back to menuResearch
- Back to menu
- Back to menu
- Back to menu
- Back to menu
- Back to menuWebinars
Japan Moves to Impose New Regulations on Stablecoin Issuers: Report
The country is reportedly moving to introduce legislation in 2022 to limit the issuance of stablecoins to banks and wire transfer companies.
Japan’s top banking regulator will introduce new legislation in 2022 that seeks to limit the issuance of stablecoins to banks and wire transfer companies, according to a report from Nikkei Asia on Monday.
The regulations that will be proposed by Japan’s Financial Services Agency (FSA) are an effort to tighten the agency’s grip on the stablecoin market to protect consumers from potential risks from asset-backed stablecoins like Tether.
STORY CONTINUES BELOW
The FSA’s move mirrors similar proposals in the United States. In November, the President’s Working Group on Financial Markets, along with other regulators, including the Office of the Comptroller of the Currency (OCC), released a report on stablecoins that included recommendations to treat stablecoin issuers like banks.
According to the report, the legislation will also include steps to prevent money laundering via stablecoins by giving the agency additional oversight over intermediaries such as wallet providers, and also adding additional know-your-customer (KYC) measures.
In January, a consortium of over 70 major Japanese corporations, including Mitsubishi, are expected to begin trialing a central bank digital currency (CBDC), the digital yen, that they say will work like bank deposits.
Cheyenne Ligon
On the news team at CoinDesk, Cheyenne focuses on crypto regulation and crime. Cheyenne is originally from Houston, Texas. She studied political science at Tulane University in Louisiana. In December 2021, she graduated from CUNY's Craig Newmark Graduate School of Journalism, where she focused on business and economics reporting. She has no significant crypto holdings.
More For You
Crypto Industry Asks President Trump to Stop JPMorgan’s 'Punitive Tax' on Data Access
A coalition of fintech and crypto trade groups is urging the White House to defend open banking and stop JPMorgan from charging fees to access customer data.
What to know:
- Ten major fintech and crypto trade associations have urged President Trump to stop big banks from imposing fees that could hinder innovation and competition.
- JPMorgan's plan to charge for access to consumer banking data may debank millions and threaten the adoption of stablecoins and self-custody wallets.
- The CFPB's open banking rule, which mandates free consumer access to bank data, is under threat as banks have sued to block it, and the CFPB has requested its vacatur.
Top Stories
