Japan proposes to limit stable coin emitters to banks and transfer companies-regulation

The Financial Services Agency plans to propose a draft law in 2022 to limit the issue of stable coins to banks and transfer companies.

The FSA will also tighten the regulations to prevent money laundering, added the publication and found that crypto service providers who are involved in StableCoin transactions are also placed under the supervision of the financial supervisory authority.

In addition, StableCoin emitters must comply with the Japanese law to prevent the transfer of income from crimes. This includes reviewing the user identity and reporting suspicious transactions.

The sum market capitalization All stablecoins for At the time of writing almost $ 160 billion. Holding rope ( usdt ), the largest stable coin in circulation, currently has a market capitalization of 76.58 billion US dollar, based on data from bitcoin.com-märkten.

While Japan currently does not have a law to regulate stablecoins, the FSA has set up a body to investigate how consumer protection best guarantees and money laundering can be addressed in this area. In September, Yuri Okina, a member of the committee: "It is important that stable coin is underlying through safe, liquid means. But it is questionable whether it is the right approach to set up strict flat rates as they currently apply to banks."

Japan is not the only country that plans to impose strict rules on stable coin emitters. In July, Finance Minister Janet Yellen asked the supervisory authorities who supervised crypto-assets in the United States to "act quickly". regulate stable coins. The President of the President of Financial Markets (PWG) then recommended that the issuers of stable coins be set up a bank -like regulation.

However, not everyone agrees to this regulatory approach. In November the governor of the Federal Reserve, Christopher Waller Bedy verification : Shutterstock, Pixabay, Wiki Commons