Japan provides the revised “friendly” payment services law – what should investors expect?

The national diet in the National Parliament approved the Reformed Payment Services Law (PSA) on Friday, which led to major changes to companies that deal with encryption. The new category of “intermediate works” abandons the need for intermediaries in Japan to register books, but the bill has other effects, some of which bring more stringent and central rules.

It was originally submitted to a diet in Japan in March, amendments to the Payment Services Law It passed on FridayAnd it is praised as a supporter. Perhaps drawing the most attention is to create a new category of “intermediate works”, which means that companies that offer or operate as connections between exchanges and users. These groups will not have to register books with the government organizer, the Financial Services Agency (FSA). A separate registration will be provided, with comfortable rules, for these brokers.

What is in the new law: stablecoins, intermediaries, external flow barriers

Under the Discussion of FSA since November last year, the amending payment services law is mentioned by regional media probably to remove barriers for gaming companies and others that want to do business related to cryptocurrencies and digital assets. Attention was from Mercari, SBI Securities and Monex Securities already I mentioned Regarding registration as a “mediator work”. Some major changes Verb as follows:

• Establishing “intermediate” companies with comfortable registration rules.
• Create a separate registration system for exchanges.
• The new ability to issue a legal matter requires encryption companies abroad to carry assets in Japan to prevent external flows in the event of bankruptcy.
• Partially (up to 50 %) (up to 50 %) in low -risk investments such as government bonds, instead of being 100 % supported by the source.
• Strong rules for companies that are considered “assembly agencies” abroad providing e -commerce services.

The amended law, which will become valid within one year, mainly requires the strict requirements and rules of the AML/CFT for the stock market operators and e -commerce collectors, reduces the entry of the ecosystem for the regulatory encryption of telecom companies (which must be under the supervision of the registered operator), and prevents exchanges abroad from leaving the money of Japanese users, and helps more money.

Central, tougher bases – drifting beyond Satoshi

Although it is understood that games and others institutions are happy to hear the news of the success of the amendment, and the removal of barriers that prevent their entry, the followers of Tokyo and Japan to Satoshi Nakamoto are the original idea to separate money and the state will see the law as nothing. Or an apple, more accurately. Huge banks can now issue Stablecoins more easily, and take advantage of state credit, while markets and competitors without permission are targeted as threats. As Coinpost I mentioned In 2022 of the Mitsubishi UFJ working group, she focused on Stablecoins: “The goal is to put an end to the current situation in which money flows mainly to Stablecoins abroad, including by investing in Web3 projects (decentralization), using the main NFT markets, and even covering the interior coincidence of encryption.”

The campaign against foreign payment agents who consider “border collection” agencies, such as those involved in e -commerce, is a slippery slope. FSA notes that it will not follow low -risk activities or require a registration of low -risk brokers, with the campaign against casinos and fraud online, noting that “those who drag illegal transfers, such as online casinos and investment fraud, will be organized as unregistered companies.” As with all legislation, arbitrary political interpretation allows endless abuse. In the past, it was not required of the cross -border collection agencies as the money transfer company to the country. Now, they must rely on FSA assurances only, in a state of relative forgetfulness. Fortunately for transactions advocates from counterpart to analogy, regardless of the new regulations brought by new regulations, the use of actual-regulated encoding, made of banks, is one of the two tracks towards economic freedom and peace in Japan, at a time of ivory, rice deficiency, and main cash distress.

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