Japan Strengthens Cryptocurrency And Stablecoin Regulatory Framework

According to Odaily, Japan's Financial Services Agency has officially approved a report from the "Working Group on Payment Settlement Systems" during a meeting of the Financial System Council. The report aims to enhance the regulatory framework for cryptocurrencies and stablecoins. Key measures include improving user protection in the event of exchange bankruptcies, establishing a cryptocurrency brokerage industry, and adjusting reserve assets for stablecoins. The regulatory framework has been submitted to Finance Minister Katsunobu Kato, with plans to advance the legalization process.