{"id":54196,"date":"2021-12-07T10:11:46","date_gmt":"2021-12-07T08:11:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=54196"},"modified":"2025-09-03T19:14:28","modified_gmt":"2025-09-03T16:14:28","slug":"japan-proposes-limits-on-stablecoin-issuance","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/japan-proposes-limits-on-stablecoin-issuance\/","title":{"rendered":"Japan proposes limits on stablecoin issuance"},"content":{"rendered":"<p>The Japanese Financial Services Agency (FSA) has proposed imposing caps and restricting the list of stablecoin issuers to banks and money-transfer services, according to sources cited by <a href=\\\"https:\/\/asia.nikkei.com\/Spotlight\/Cryptocurrencies\/Stablecoins-to-face-new-restrictions-in-Japan\\\">Nikkei<\/a>.<\/p>\n<p>The regulator is expected to prepare the proposals in 2022.<\/p>\n<p>The initiative arose as preparations for <a href=\"https:\/\/u1f987.com\/en\/news\/japan-to-unveil-a-detailed-cbdc-plan-by-year-end-2022\">a detailed project for the digital yen<\/a> were under way toward the end of 2022.<\/p>\n<p>According to the publication, wallet operators could fall under the FSA&#8217;s supervision. They, like issuers of stablecoins, would be required to identify users&#8217; personal data and report suspicious transactions to prevent money laundering.<\/p>\n<p>Such requirements could, in particular, curb Tether&#8217;s activities in Japan, which does not hold the necessary licences.<\/p>\n<p>In November, one of the operators of the USD Coin (USDC), Circle <a href=\"https:\/\/u1f987.com\/en\/news\/circle-to-launch-stablecoin-pegged-to-the-japanese-yen\">announced<\/a> the launch of a stablecoin pegged to the Japanese yen.<\/p>\n<p>In August, Jeremy Allaire said that <a href=\"https:\/\/u1f987.com\/en\/news\/circle-to-become-a-national-full-reserve-digital-currency-commercial-bank\">Circle would become a &#8216;commercial cryptocurrency bank with full reserves&#8217;<\/a>.<\/p>\n<p>Earlier, the FSA <a href=\"https:\/\/u1f987.com\/en\/news\/media-japan-considers-tighter-regulation-of-cryptocurrencies\">began<\/a> discussions on stricter rules for digital assets to protect investors. A clarified regulatory framework was expected by mid-2022.<\/p>\n<p>In the spring, Reuters reported plans to implement <span data-descr=\\\"Financial Action Task Force\\\" class=\\\"old_tooltip\\\"><a href=\"https:\/\/u1f987.com\/en\/news\/japan-tightens-regulation-of-its-cryptocurrency-industry\">FATF<\/a><\/span> guidelines for local cryptocurrency firms. They would require providers of virtual asset services to disclose transaction data.<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Japanese Financial Services Agency (FSA) proposed imposing caps and restricting the list of stablecoin issuers to banks and money-transfer services. Nikkei reports, citing sources.<\/p>\n","protected":false},"author":1,"featured_media":54197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[135,36,807],"class_list":["post-54196","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-japan","tag-regulation","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"14","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54196","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=54196"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54196\/revisions"}],"predecessor-version":[{"id":54198,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54196\/revisions\/54198"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/54197"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=54196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=54196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=54196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}