Japan’s crypto reform bill headed to National Diet after cabinet approval

The Japan firm has enlightened Green A proposal to modify the payment services law, which would facilitate regulations for stablescoins and cryptographic brokerage houses.

According to a press release issued by the country Financial service agencyThe bill has already been approved by the firm and was submitted to the national regime on the same day. The bill was previously approved by the FSA and could potentially facilitate cryptographic companies to enter the Japanese market.

For a bill goes through the national cabinet, he must receive a majority vote from the members of the cabinet present in Reunion. The cabinet is led by the Japanese Prime Minister, who plays a key role in determining consensus, because the firm operates under the principle of collective responsibility. Once approved, the bill is officially submitted to the national regime for the legislative debate and the vote.

Once it has passed to the regime, the bill is allocated to a relevant committee where it is examined, debated and potentially modified before being presented in the full chamber. If the House of Representatives and the House of Advisers approve the bill, it is then sent to the Emperor for a ceremonial promulgation, which will formalize the law and eventually promulgate it.

What are the potential changes in Japan cryptographic regulations?

The bill would authorize stable To be supported by short -term state obligations and short -term deposits, apart from only demand deposits. This clause is also equipped with a 50% higher limit for state bonds and deposits that can be used as a guarantee for stablecoins.

At the time of the press, the stablecoin issuers in Japan are required to correspond to the amount of tokens broadcast on a 1: 1 ratio with cash deposits in regulated bank accounts. The new rule grants them more flexibility to be able to use other assets such as Japanese and WE government obligations instead. However, only certain types of links can be used, including those with a maturity remaining three months or less.

In addition, the bill will also create a new category only for businesses or “intermediate” brokerage houses. In Japan, crypto brokerage companies can only operate within the country if it manages to meet the same registration requirements as Crypto exchange platforms.

This means that crypto brokerage houses must request a license from virtual asset service provider, as are national crypto exchanges. Under the new bill, the intermediaries will meet their own set of anti-balance requirements and obligations, instead of being grouped with exchanges that work differently.