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The Japanese Financial Services Agency (FSA) has proposed to set limits and restrict the list of stablecoin issuers to banks and money transfer services. Nikkei writes about this with reference to sources.
The regulator will prepare relevant proposals in 2022.
The initiative arose against the background of the preparation of a detailed draft of the digital yen by the end of 2022.
According to the publication, operators of digital wallets may fall under the supervision of the FSA. They, like the issuers of “stablecoins”, will be obliged to identify users’ personal data and report suspicious transactions to prevent money laundering.
Such requirements may, in particular, restrict the activities of Tether in Japan, which does not have the appropriate licenses.
Recall that in November, one of the USD Coin (USDC) stablecoin operators, Circle, announced the launch of a Japanese yen-pegged stablecoin.
In August, Jeremy Allair announced that Circle would become a “full reserve, commercial cryptocurrency bank.”
The FSA has previously begun discussions on stricter digital asset rules to protect investors. An updated regulatory framework is expected by mid-2022.
In Spring Reuters Announced Plans To Implement Guidelines FATF for local cryptocurrency companies. They will oblige virtual service providers to provide transaction data.
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