The Japanese Cabinet approves the reform plan for cryptocurrency brokers and stablecoins, which has been submitted to the Diet for review

According to BlockBeats, on March 10th, the Japanese Cabinet approved a proposal to reform laws related to cryptocurrency brokers and stablecoins. According to a notice from the Financial Services Agency (FSA) of Japan, the government has approved a cabinet resolution to revise the Payment Services Act. The bill will allow cryptocurrency companies to operate as "intermediary businesses". This means that brokers will no longer need to apply for the same type of license as cryptocurrency trading platforms and cryptocurrency wallet operators. The bill also provides more flexibility for stablecoin issuers in terms of the asset types that support their tokens. In the history of the Japanese Diet, there has never been any legal change related to encryption that has been rejected after obtaining cabinet approval. Similarly, the Cabinet has never rejected any legal change proposals put forward by the Financial Services Agency (FSA) when it comes to Japan's cryptocurrency regulatory affairs. The FSA has a certain degree of 'full authority' over cryptocurrency regulatory affairs in Japan.