According to a report by Nikkei on Monday, Japan's Financial Services Agency (FSA) will require cryptocurrency exchanges to maintain liability reserves as part of measures to guard against hacking attacks or unforeseen events.
The head of the FSA pointed out that regulatory requirements for local companies will be revised, including the establishment of mechanisms to quickly compensate users affected by security vulnerabilities or other factors. The financial regulator cited recent hacking incidents at global exchanges as the main basis for this policy adjustment.
The Financial System Council, as an advisory body to the FSA, plans to release a related report after a meeting on Wednesday. It is expected that the recommendations will explicitly require crypto companies to establish a liability reserve system.
This regulatory move follows the FSA's plan to review regulations allowing banks to purchase and hold crypto assets. According to FSA data, as of February this year, Japan remains a country with a high concentration of crypto users, with approximately 12 million registered accounts, while the country's total population is about 123 million.
After a long time establishing a regulatory framework for recognized yen-pegged stablecoins, Tokyo fintech company JPYC officially launched this digital asset in October. The company stated that the JPYC stablecoin is backed by bank deposits and government bonds at a 1:1 ratio.
In 2022, Japanese regulators prohibited non-bank institutions from issuing stablecoins. However, the FSA indicated in August that it might approve the first yen-backed token before 2026.
The country's largest financial institutions, including Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, jointly launched a stablecoin issuance platform called Progmat in 2023, and these institutions are reportedly exploring the issuance of their own tokens.
Another Japanese financial firm, Monex Group, is also considering launching a yen-pegged stablecoin product.
Related: Global News: Bitcoin (BTC) falls, yen weakens, Canada approves stablecoin regulations
Original: “Report says Japan's regulators will require exchanges to hold liability reserves”
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