Japan Prepares Crypto Regulation Draft

This morning (December 8) at 5:00 AM ET, Bitcoin fell 1.32% to hover at $50,129.5.

Yesterday, the Japanese regulators prepared a draft law to regulate the issuance of Stablecoins within the next year.

Japan’s Financial Services Agency (FSA) will introduce draft legislation next year to regulate the issuance of Stablecoins. This would allow Stablecoins to be issued only to banks and companies with bank transfers. Doing so would prevent companies like Tether (USDT), which is not bank-approved, from doing business with the Japanese

The FSA also plans to tighten its regulations in areas such as protection against money transfers, criminal measures verification of user identity, and suspicious transaction reporting for both Stablecoin issuers and wallet providers.

Earlier, the Bank of Japan announced plans to introduce the “DCJPY” digital yen by the end of 2022, which will be supported by nearly 70 leading companies, including the country’s largest financial institution.

The Spot Market is Open

Wednesday, December 8, 2021

Crypto
Updated at
USD
Price

Change

%Change
12.10 BTC50,261.80-684.80-1.34
12.10 ETH4,321.00-26.01-0.60
12.10 LTC160.76-0.51-0.32
12.10 BNB572.06-9.10-1.57
12.10 XRP0.81-0.01-1.73
12.10 ADA1.37-0.07-5.06
12.10 DOT29.05-0.11-0.38
12.10DOGE0.180.00-1.55
12.10 UNI17.70+0.41+2.37
12.10 LINK21.74+1.71+8.54

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