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The Financial Services Agency of Japan Considers Allowing Banks to Hold Cryptos
A Potential Policy Change
In a move that could significantly transform the landscape of financial regulations in Japan, the Financial Services Agency (FSA) is considering revising its existing guidelines to allow banks to hold cryptocurrencies like the #bitcoin $BTC for investment purposes. This potential policy change is surprising, given that the current oversight guidelines, revised in 2020, effectively prohibit banks from holding digital assets due to concerns about their inherent volatility. The report, which surfaced on Sunday, indicates that the #FSA is preparing to discuss these reforms at an upcoming meeting of the Financial Services Council, an advisory body to the Prime Minister.
In a move that could significantly transform the landscape of financial regulations in Japan, the Financial Services Agency (FSA) is considering revising its existing guidelines to allow banks to hold cryptocurrencies like the #bitcoin $BTC for investment purposes. This potential policy change is surprising, given that the current oversight guidelines, revised in 2020, effectively prohibit banks from holding digital assets due to concerns about their inherent volatility. The report, which surfaced on Sunday, indicates that the #FSA is preparing to discuss these reforms at an upcoming meeting of the Financial Services Council, an advisory body to the Prime Minister.
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SMBC Promotes JPY Stablecoin, Strengthens Application of Digital Assets ๐
Sumitomo Mitsui Banking Corporation (#SMBC ) โ one of Japan's leading financial groups ๐ฏ๐ต โ has just announced a partnership with Ava Labs, Fireblocks, and TIS to research the issuance mechanism of a yen-pegged stablecoin (#JPY ) compliant with domestic regulations.
The project not only focuses on issuing stablecoins but also aims at application in digital asset payments, including bonds, stocks, and tokenized real estate. This is a significant step in integrating blockchain into the traditional financial system, paving the way for the development of the digital economy in Japan! ๐ฅ #anhbacong
Sumitomo Mitsui Banking Corporation (#SMBC ) โ one of Japan's leading financial groups ๐ฏ๐ต โ has just announced a partnership with Ava Labs, Fireblocks, and TIS to research the issuance mechanism of a yen-pegged stablecoin (#JPY ) compliant with domestic regulations.
The project not only focuses on issuing stablecoins but also aims at application in digital asset payments, including bonds, stocks, and tokenized real estate. This is a significant step in integrating blockchain into the traditional financial system, paving the way for the development of the digital economy in Japan! ๐ฅ #anhbacong
BULLISH: ๐ฏ๐ต Japanโs top three banks, MUFG, SMBC, and Mizuho, just got the greenlight to test a yen-backed stablecoin. The Japanese digital yen will go live in 2026!
#Japan #stablecoin #SMBC #Mizuho #cryptouniverseofficial
#Japan #stablecoin #SMBC #Mizuho #cryptouniverseofficial
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