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According to reports, Japan’s major currency regulator, the Monetary Service Agency (FSA), is advancing legislation to restrict the issuance of stablecoins to banks and wire transfer companies. Encryption service providers and wallets involved in stable currency transactions will also be placed under the supervision of currency regulators.

Japan tightens regulation of stablecoins

According to Nikkei News, the Japanese Currency Service Agency (FSA) is strengthening the supervision of stablecoins by imposing strict regulations on their issuers, noting that:

The Money Service is seeking to introduce legislation in 2022 to restrict the issuance of stablecoins to banks and wire transfer companies.

The FSA will also tighten laws related to the cash laundering ban. The publisher pointed out that crypto service providers and wallets involved in stablecoin transactions will also be placed under the supervision of currency regulators.

In addition, stablecoin issuers need to abide by Japan’s laws on preventing criminal transfers. This includes confirming user identity and suspicious transaction coverage.

At the time of writing, the total market value of all stablecoins is approximately $160 billion. Tether (USDT) is the largest stable currency in circulation, with a current market value of 76.58 billion U.S. dollars, supported by information provided by Bitcoin.com Markets.

Although Japan currently does not have laws regulating stablecoins, the FSA has established a team to examine the best way to ensure customer protection and solve hidden problems in this area. In September, Yuri Okina, a member of the panel, stated: “Stable tokens must be backed by safe and fast assets. However, it is questionable whether it is the right approach to formulate a package of rules that are as strict as those currently applicable to banks. .”

Japan is not the only country that has imposed strict regulations on stablecoin issuers. In July, Treasury Secretary Janet Yellen asked the regulators that oversee U.S. crypto assets to “act quickly” to manage stablecoins. Subsequently, the President’s Financial Markets Working Group (PWG) recommended the implementation of bank-like supervision on stablecoin issuers.

However, not everyone agrees with this method of supervision. In November, the Jazz musician St. Christopher, director of the Central Bank, opposed the PWG’s proposal. He explained that he has no opinion on the leasing banks that issue stablecoins, but he does not agree that banks should only be allowed to issue stablecoins.

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