The Financial Services Agency (FSA) of Japan has announced that they will follow the US regulator’s footsteps in the matter of strengthening regulatory oversight for Stablecoins. According to reports from a local publication, the FSA has declared the updated restrictions on Stablecoins issuance in the nation, in lieu of which, only banks and wire transfer services will now be able to issue stablecoins.
The Japanese authorities referred to the Tether fiasco in the US, noting that by imposing restrictions on the issuance of Stablecoins, the government aims to ascertain the economy’s stability by preventing mass liquidation amid fear that the issuer of the currency going bankrupt. The FSA has clarified that it shall introduce the legislation of Stablecoins by next year, further confirming that they took regulatory framework inspiration from the US. Additionally, Japan is aiming to launch a yen-based cryptocurrency by 2022 as well.
Japan to Impose Additional AML Restrictions
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