Stablecoins Aren't Cryptos, FSA Says

Japanese watchdog said that companies need to register as the ‘Issuer of Prepaid Payment Instruments’
29 October 2018   410

The Financial Services Agency of Japan does not consider steablcoins as virtual currencies regulated by the country's current regulations for cryptoindustry. This is reported by Bitcoin.com.

According to representatives of the ministry, according to the legislation adopted last April, the definition of “virtual currencies” includes cryptoassets used as a means of payment. The latter are not subject to consumption tax. Also crypto exchange operators need to register with the Financial Services Agency.

In principle, stable coins pegged by legal currencies do not fall into the category of ‘virtual currencies’ based on the Payment Services Act. Generally speaking, companies need to register as the ‘Issuer of Prepaid Payment Instruments’ or the ‘Funds Transfer Service Providers’ based on Payment Services Act, when virtual currency broker dealers trade stable coins.

Financial Services Agency

Earlier, Japanese IT giant GMO Internet announced the launch of a stablebcoin tied to the Japanese yen in 2019. 

Binance to Spread Crypto Fiat Wings

The list of upcoming jurisdictions was found by the Block
18 January 2019   64

The Block has gained access to the list of jurisdictions in which the largest cryptocurrency exchange Binance intends to launch fiat trading platforms. The latter use technology Binance, but will be separate legal entities.

Alleged Binance New Operation Jurisdictions
Alleged Binance New Operation Jurisdictions

In 2019, the exchange allegedly intends to launch full-scale activities in Malta and in Singapore. At the same time, South Korea, Liechtenstein, Russia, Turkey and Argentina are in the plans.

Note that in October last year, such a platform appeared in Uganda, and just a few days ago - on the island of Jersey.