TechFlow news, according to Cryptonews, the Japanese government has approved a proposal to amend the "Payment Services Act," aiming to reform the regulatory framework for cryptocurrency brokers and stablecoins. The bill has been submitted to the Diet for deliberation and is expected to be passed in the coming days. According to information released by the Financial Services Agency (FSA), the new regulations will allow crypto firms to operate as "intermediary businesses," meaning brokers will no longer need to obtain the same licenses required of crypto exchanges and wallet operators.
The bill also provides greater flexibility for stablecoin issuers regarding asset backing, allowing them to use specific Japanese and U.S. government bonds as reserve assets for stablecoins, instead of the current requirement of 1:1 cash deposits. However, only certain bonds with remaining maturities of three months or less will qualify, and bond-backed portions will be capped at a maximum of 50%, with the remainder still required to be held in demand deposit accounts.
For crypto brokers, the new rules will not require compliance with financial requirements or anti-money laundering regulations, significantly lowering market entry barriers. Brokers will only need to demonstrate that they do not directly handle customer funds to obtain the new license. It is reported that major Japanese companies including Mercari, SBI Securities, and Monex Securities have expressed interest in broker operations.
