Japan intends to tighten supervision of the stablecoin sector
In 2022, the country will introduce a law restricting the issuance of assets by banks and wire transfer companies
10.12.2021 - 11:35
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What’s new? Japan's Financial Services Agency (FSA) wants to create a bill on limits on stablecoins. The offer will be to limit the issuance of stablecoins by banks and wire transfer companies. According to the Nikkei Asia newspaper, the FSA will put forward new offers in 2022.
Information from the Nikkei Asia newspaper
What is the essence of the bill? The FSA is set to reorganize the rules aimed at combating money laundering, including verifying the identity of users and reporting suspicious transactions. The regulator has set up a panel to study how to better protect consumers. Yuri Okina, a member of the panel, said:
“It is important that stablecoins are backed by secure, liquid assets. But it is questionable whether setting blanket rules as strong as those currently applied to banks is the right approach.”
What had happened before? This move by the FSA is a reflection of similar offers in the United States. The President's Working Group on Financial Markets, along with other regulators, issued a report on stablecoins. It recommended that the stablecoin issuers be treated like banks with mandatory deposit insurance.
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