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Japanese Regulator Eyes Stablecoin, Wallet Provider Regulations in 2022
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Japan’s top financial regulator will block firms outside the world of conventional finance from issuing fiat-pegged stablecoins, a leading media outlet has claimed.
Per reports in both Japanese and English from Nikkei, the Financial Services Agency (FSA), the government organ that oversees the financial industry and the crypto sector, is looking “to propose legislation in 2022 to restrict [the] issuance of stablecoins to banks and wire transfer companies.”
The FSA has been given something of a free hand to regulate the crypto industry, and all of its requests for legislative powers thus far have been granted without question by the government, with MPs willing to oblige in parliament.
The media outlet said it had “learned” of the FSA’s
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