The Japanese Cabinet has approved a cryptocurrency brokerage and stablecoin reform plan, which has been submitted to the Parliament for review.

BlockBeats News, March 10th: The Japanese Cabinet has approved a proposal to reform laws related to cryptocurrency brokerage and stablecoins. According to an announcement from the Japanese Financial Services Agency (FSA), the government has approved a cabinet resolution to amend the Payment Services Act.

This legislation will allow crypto companies to operate as "intermediary businesses." This means that brokers will no longer need to apply for the same type of license as cryptocurrency exchanges and wallet operators. The bill also provides more flexibility for the asset type supporting stablecoin issuers.

In Japan's parliamentary history, there has never been any rejection of any cryptocurrency-related legal changes after receiving cabinet approval. Likewise, the cabinet has never rejected any legal change proposals from the Financial Services Agency (FSA) regarding Japan's cryptocurrency regulatory affairs. The FSA holds a certain degree of "full processing authority" in Japan's cryptocurrency regulatory affairs.