Japan Approves Reforms In Crypto Brokerage And Stablecoin Laws

According to BlockBeats, the Japanese Cabinet has approved a proposal to reform laws related to cryptocurrency brokerage and stablecoins. As announced by the Financial Services Agency (FSA) of Japan, the government has sanctioned a Cabinet resolution to amend the Payment Services Act. The new legislation will allow cryptocurrency companies to operate as 'intermediary businesses.' This change means that brokers will no longer need to apply for the same type of licenses required by crypto trading platforms and wallet operators. Additionally, the bill provides stablecoin issuers with greater flexibility regarding the types of assets that can back their tokens. Historically, no crypto-related legal changes have been rejected by the Japanese Parliament after receiving Cabinet approval. Similarly, the Cabinet has never dismissed any legal change proposals concerning Japanese crypto regulations put forward by the FSA. The FSA holds a significant degree of authority in handling crypto regulatory matters in Japan.