Japan recommends against algorithmic backing in stablecoins
After passing its landmark legislation on stablecoins in June, Japanese regulators are considering complementing it by restricting the algorithmic backing of stablecoins. The intention comes as a recommendation from the Financial Service Agency (FSA) and was repeated by the country’s Vice Minister for International Affairs, Tomoko Amaya. During his speech on crypto assets at a […]
Japan’s financial regulator requests FTX Japan halt operations
The Financial Services Agency, or FSA, of Japan has requested FTX Japan suspend business orders, citing the policies of FTX Trading Limited. In a Nov. 10 announcement, the FSA said it had taken administrative actions against FTX Japan following FTX Trading Limited’s suspension of withdrawals “without explaining the reasons clearly to investors.” The financial regulator […]
Japan’s crypto self-regulation ‘experiment’ not working
Japan’s self-regulation “experiment” for the crypto industry is reportedly not working as well as intended, according to local government and industry experts. Since 2018, the Japan Virtual Currency Exchange Association (JVCEA), a self-regulation entity, has been tasked with creating guidelines for the country’s crypto industry, with arguments at the time that the entity could be […]
Japanese government considers relaxing strict coin listing rules
The Japanese government is considering a proposal to make it easier for registered crypto exchanges to list digital assets in the local retail trading market. Sources quoted in Bloomerg said that if the new rules are passed, exchanges that have registered with the Financial Services Agency (FSA) would be able to list certain assets without […]
Japan's financial regulators may propose legislation in 2022 restricting stablecoin issuance
According to The Nihon Keizai Shimbun (Nikkei), one of the world’s largest financial newspapers and the entity behind the Nikkei 225 stock index, Japan’s Financial Services Agency, or FSA, will propose legislation next year restricting stablecoin issuance to only bank and wire transfer companies. Theoretically, this would prevent entities such as Tether (USDT), which does […]
Korean FSC chair nominee doesn't think crypto is a financial asset
Seung-beom Koh, a nominee for chairman of South Korea’s Financial Service Commission (FSC), does not regard cryptocurrencies as a financial asset. In a press meeting with local journalists, Seung-beom said that fintech experts from prominent organizations such as the G20, the International Monetary Fund and others “find it difficult to see virtual currencies as a […]
Japanese financial regulator considers imposing stricter crypto rules
Japan’s financial regulator, the Financial Services Agency (FSA), has started discussions around imposing stricter regulations for cryptocurrencies in an effort to provide better protection to Japanese investors. Back in July, the FSA established a dedicated section, as well as a panel of financial experts to help the government oversee digital and decentralized finance. The agency […]