Japan's Financial Services Agency (FSA) recently put forward some ideas on cryptocurrencies and stablecoins to the Financial System Commission's Payment Services Working Group, mentioning reluctance to allow banks other than trust banks to issue stablecoins. For stablecoins issued by trust banks, the FSA wants to relax the current reserve requirement that all assets must be held in the form of bank demand deposits. However, the FSA also wants to implement travel rules that require KYC for transfers of stablecoins issued by trust banks.
Japan passed stablecoin legislation in 2022, enabling banks, licensed money transfer companies, and trust companies to issue stablecoins. As part of its working group presentation, the FSA distinguished between stablecoins issued on permissioned blockchains and those issued on public blockchains. It is satisfied that all three stablecoins exist on permissioned chains, but is cautious about allowing licensed depository institutions to issue stablecoins on non-permissioned chains.
Japan's Financial Services Agency proposes easing reserve requirements for trust banks to issue stablecoins and implementing travel rules
2024-12-01 07:59:39
Japan financial services agency fsa recently department of finance system committee payment servicedesk3cryptocurrencydesktopCrypto News
Disclaimer:
1. The information provided does not constitute investment advice. Investors should make independent decisions and bear all risks themselves.
2. The copyright of this content belongs to the original author. The views expressed herein are solely those of the author and do not represent the stance or position of this website.
Previous article：
日本金融厅建议放宽信托银行发行稳定币的准备金要求，并实施旅行规则Next article：
社区反馈链上AI代理Spectral交互合约遭黑客攻击
