According to Foresight News, CoinDesk Japan reports that Japan's Financial Services Agency has submitted a bill to the National Diet proposing amendments to the Payment Services Act. The proposed changes include a review of regulations related to cryptocurrencies and stablecoins. The amendment introduces a system requiring cryptocurrency exchange operators in Japan to hold assets domestically to prevent the outflow of assets, even in the event of bankruptcy of companies dealing solely with physical cryptocurrencies. Additionally, the supporting assets for trust-type stablecoins can be managed in the form of Japanese and U.S. government bonds.
The proposal also aims to establish a new 'intermediary business' for entities that mediate transactions between cryptocurrency exchange operators and users. According to the document, by applying regulations that do not exceed or defend against those using only intermediaries, businesses will find it easier to offer services.
