PANews reported on March 7 that according to CoinDesk Japan, the Japanese Financial Services Agency submitted an amendment to the Funds Settlement Act to Congress today, involving regulatory adjustments for crypto assets (virtual currencies) and stablecoins.
The main contents of the amendment include:
• Introduce a domestic asset retention order system to require assets held by crypto exchanges to remain domestically to prevent asset outflow in the event of bankruptcy.
• The reserve assets of trust-type stablecoins can be used to invest up to 50% of Japanese and US Treasury bonds (within 3 months) or time deposits that can be terminated early.
• A new “brokerage industry” system is added, which allows companies to act only as transaction intermediaries and apply moderate supervision to lower the market entry threshold.
In addition, the Liberal Democratic Party's Web3 Working Group proposed on March 6 to include crypto assets in the Financial Instruments and Exchange Act (FIEA) regulation, indicating that Japan is promoting a more comprehensive regulatory framework for the crypto market.
