The Japan Financial Bureau plans to revise the "Payment Services Act" to prevent the outflow of encrypted assets, and will establish an "intermediary business"
According to CoinDesk Japan, the Japanese Financial Services Agency has announced that it has submitted a bill to the parliament requesting partial amendments to the "Payment Services Act". The amendment includes a review of regulations related to cryptocurrencies and stablecoins. The proposed amendment introduces an order system for cryptocurrency exchange operators in Japan to hold assets, preventing assets from flowing out of Japan, even in cases where companies dealing only with physical cryptocurrencies go bankrupt. In addition, support assets for trust-type stablecoins can be managed in the form of Japanese and U.S. government bonds.
Furthermore, a new "intermediary business" will be established for those who only mediate transactions between users and operators such as cryptocurrency exchanges. According to this document, by applying regulations that do not exceed or defend against people using only intermediary institutions, businesses will find it easier to provide services.
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