It is expected that by 2023, the Financial Agency of Japan will lift the restrictions on the issuance of overseas stable currencies in China. According to a report by Coinpost, the country may relax its legislation in 2023. The Financial Services Agency of Japan announced that it would establish its own decentralized autonomous organization (DAO) before legislation. The Ministry of Economy, Trade and Industry of Japan has even set up a Web office specifically responsible for Web3 policies. At the same time, King'an has made plans to return to the Japanese market. A year ago, the company withdrew from the market after the domestic regulator issued a warning.
In the latest attempt to re-enter the market, the exchange with the largest turnover may acquire SakuraexchangeBitCoin, a Japanese Crypto company. At the same time, SquareEnix and the game company listed on the Tokyo Stock Exchange of SBI, a heavyweight encryption company, reached an encryption game acquisition agreement with SBI.
In addition to stabilizing currency regulations, Japan is also promoting sustainable cooperation with its crypto miners. TRIPLE, equipment manufacturer of Tokyo Electric Power Company (TEPCO), a Japanese utility company, will use the surplus electricity on its grid to provide power for Crypto network operation.
The Japanese financial regulator decided to take new measures to classify Bitcoin and virtual currency as "crypto assets". An advisory group from the Financial Services Agency of Japan (FSA) submitted a review report, requesting that the legal definition of virtual currency be modified, and that the legal definition of virtual currency be changed from "virtual currency" to "crypto assets" to avoid citizens' difficulties in understanding.
ending
To this end, the FSA must analyze this proposal and decide whether it is a good idea to change the definition of virtual currency. On the contrary, in terms of restrictions, the revision of Japan's labor standard law also prohibits the use of virtual currency in digital wage transfer, and its responsibility again falls on domestic issuers who issue stable currencies.
