Japan's Financial Services Agency (FSA) is proposing a new category for businesses dealing with stablecoins and virtual assets. The new system would allow "intermediary" or "brokerage" businesses to face less stringent legal requirements compared to being registered as crypto exchanges. The proposal suggests that these businesses could operate under the supervision of registered exchanges. The category, tentatively named "cryptocurrency and electronic payment means brokerage business," would allow businesses to act as a bridge between customers and registered exchanges, enabling the use of virtual currencies for transactions such as purchasing NFTs in games. However, the lighter regulations would only apply to registered exchanges, and the overall crypto ecosystem in Japan would still be under the control of the government.



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