Project Guardian seeks to advance digital asset tokenization pilots in fixed income, foreign exchange and asset management products.
Binance to reenter Japan via acquired regulated exchange SEBC
Although no official date is mentioned for the launch of Binance Japan, the notice stated that the exchange could start after June.
Japan Regulator Flags Four Crypto Exchanges Including Bybit for Operating Without Registration
Bitget, BitForex and MEXC Global were also named in the Financial Services Agency’s warning letter.
Japan’s FSA expects to allow certain stablecoins by June 2023
There is yet no opportunity to know whether US dollar-backed stablecoins like USDT or USDC will be allowed in Japan by June 2023, the FSA said.
Why USDT Is Plunging While Other Stablecoins Are Not
Stablecoin adoption has grown immensely, observed especially following the collapse of Terra.
USDC and USDT have seen sizeable growth, but USDT has a lot of keeping up to do with its value plunging as of press time.
- USDT trades at $0.09999 as of this writing
- Stablecoin waning in terms of social mentions and engagements
- Tether exhibits strength in terms of market cap at $66 billion
The transfer volume of stablecoins is seeing impressive growth, including USDC, but USDT needs to catch up and gain more traction.
Overall, stablecoins are enjoying a spike in trading volume, having reached roughly $7.5 trillion which is a huge price pump.
According to CoinMarketCap, USDT (Tether) is trading at $0.09999 or 0.00% as of this writing.
USDC Leads In Transaction Volume
As of press time, USDC has been acing its rival in terms of value and transaction volume. Tether’s transaction volume has significantly slipped by 200 billion from 2021 to 2022.
USDT falters in the social media department or visibility, which could account for its steady decline. Its social engagements have dropped tremendously by as much as 24.2%, and social mentions have dipped by 13.7% since November.
In comparison, other stablecoins have been actively engaged on social media, padding their popularity.
USDT has had prevailing negative sentiment since early December, but it has improved, and the weighted sentiment is now looking a little positive.
The value of transactions is another region in which the stablecoin has been supplanted. Dune Analytics found that USDC has outperformed its competitor in this area as well.
As of this writing, the total value of all USDT transactions was $710 million, whereas all USDC transactions were worth $4.4 billion.
Despite some good news regarding positive sentiment and market cap, USDT is faltering in terms of network growth, especially in the Optimism, Polygon, and Ethereum networks which signals a decrease in the transfer of USDT happening in the networks.
Japan’s FSA Reconsiders Trading with Stablecoins in 2023
In other news, the 31 crypto exchanges under Japan’s Financial Services Agency (FSA) have implemented a ban on trading with stablecoins that include USDC and USDT on June 2022, but they seem to want to reconsider for 2023.
According to recent news reported on December 26, the FSA of Japan will be removing the ban imposed on the distribution and trading of stablecoins come 2023.
In line with this announcement, Japan will now allow the local crypto networks to perform activities like trading and distribution of stablecoins to ensure speedy and affordable international remittances.
But, stablecoin distribution in the country will adopt regulations connected to Anti-Money Laundering activities.
Japan recommends against algorithmic backing in stablecoins
The potential legal status of the Japanese Financial Service Agency’s recommendation is not clear as the current legislation is silent on algorithmic stablecoins.
Japan’s financial regulator requests FTX Japan halt operations
Under the orders, FTX Japan will be required to suspend OTC derivatives transactions and related margins as well as new deposits from Nov. 10 to Dec. 9 unless the FSA steps in.
Japan’s crypto self-regulation ‘experiment’ not working
Self-reg entity JVCEA has reportedly received stern warnings to get its act together, as Japan’s Financial Services Agency pushes for the organization to speed up its AML regulation rollout.
Japanese government considers relaxing strict coin listing rules
If passed, the rules reform could make it easier for domestic exchanges to list more crypto without needing to go through a long screening process.
Japan’s financial regulators may propose legislation in 2022 restricting stablecoin issuance
The move comes as the Bank of Japan wants to roll out a digital yen CBDC by the end of next year.
Korean FSC chair nominee doesn’t think crypto is a financial asset
Seung-beom Koh said that fintech experts across the globe “find it difficult to see virtual currencies as a financial asset.”
Japanese financial regulator considers imposing stricter crypto rules
The new regulation will be designed to provide better protection to Japanese investors.
Operating a crypto exchange in Japan is ‘rather tough,’ FSA chief admits
Japan’s newly appointed Financial Services Agency Commissioner Junichi Nakajima believes Bitcoin is a quick way to transfer cash, but people use BTC for speculation and investment.
Binance served warning by Japan’s FSA for operating without authorization
Crypto exchange giant Binance is the latest platform to receive a warning from regulators in Japan for operating in the country without a license.
Coinbase Enters Japanese Market After Completing Registration With Financial Watchdog
The move paves the way for Coinbase to begin offering five major cryptocurrencies including bitcoin and ether.
Japanese watchdog issues warning to crypto derivatives exchange Bybit
The warning comes in response to Bybit’s marketing campaign that reportedly targeted Japanese investors.
Japan’s FSA asks cryptocurrency industry group to introduce FATF travel rule
Japan has been a member of the FATF since 1990.
Japan Rallies Behind XRP as Ripple Faces US Litigation
Unlike the U.S., Japan considers XRP to be a cryptocurrency, not a security.
Japan’s FSA Says XRP Not a Security: Report
The regulator’s stance contrasts with that of the U.S. Securities and Exchange Commission.
Why Crypto Exchange OKCoin Jumped Through Hoops to Get Licensed in Japan
While Japan is known for its retail market, crypto exchange OKCoin believes the country’s strict licensing regime will attract institutional investors.