Japan FSA warns four exchanges to cease operating without licensing

Ad The Japan Financial Services Agency (FSA) has warned four cryptocurrency exchanges — including ByBit, BitGet, MEXC Global, and Bitforex — to cease offering service to country residents until they obtain the right licenses. According to the notice, the exchanges must register in the country before conducting their operations. Meanwhile, this is not the first…

Three Japanese banks to issue compliant stablecoins on ‘Japan Open Chain’

Ad Three Japanese banks —Tokyo Kiraboshi Financial Group, Minna Bank, and Shikoku Bank — will issue experimental stablecoins compliant with Japanese laws via the Japan Open Chain, according to a March 2 statement. The three banks are expected to issue legally backed stablecoins that comply with the Payment Services Act. These stablecoins can be used…

FTX Japan to resume withdrawals on Feb. 21

Latest Report The SEC vs. Paxos: A deep dive into the implications of the lawsuit and its effects on stablecoins The SEC’s notice to Paxos to stop minting BUSD could have longstanding implications on the crypto market. CryptoSlate’s new report explores the recent and potential consequences of enforcement action against Paxos. Andjela Radmilac · 2…

Kraken to shutter operations in Japan by end of January 2023

Kraken will shut its operation in Japan and deregister with the country’s  Financial Services Agency on Jan. 31, 2023, according to a Dec. 28 statement. According to the exchange, the decision was made as part of efforts to prioritize its overall business. The firm said the “current market conditions in Japan in combination with a…

Japan to lift ban on foreign-issued stablecoins in 2023

Japan’s Financial Service Agency (FSA) will lift the ban on the local distribution of foreign stablecoins like USD Coin (USDC) in 2023, Nikkei reported on Dec. 26. According to the report, international remittances may become faster and cheaper if stablecoin usage spreads. Local exchanges would be allowed to handle foreign stablecoin transactions “under the condition…

Stablecoin rules among topics discussed during Janet Yellen’s meeting with Japanese officials

U.S. Treasury Secretary Janet Yellen met with Bank of Japan Governor Haruhiko Kuroda to discuss several multilateral financial regulatory issues, including stablecoins, Reuters reported. According to the report, the Treasury Secretary also met Japan’s finance minister, Shunichi Suzuki, to discuss the national currencies of both countries. The U.S. dollar has recently been faced with increasing…

Japan-based exchanges to change screening method for listing crypto assets

👋 Want to work with us? CryptoSlate is hiring for a handful of positions! Japan Virtual and Crypto assets Exchange Association (JVCEA) plans to ease its strict screening process for listing new cryptocurrencies after the Japanese government expressed some concerns about the process, Bloomberg News reported. JVCEA is responsible for assessing the crypto assets that…