Internet reports that the Japanese government has approved a proposal to amend the Payment Services Law, aiming to reform the regulatory framework for cryptocurrency brokers and stablecoins. The bill has been submitted to Congress for review and is expected to be passed in the near future. According to information released by the Financial Services Agency (FSA), the new rules will allow crypto companies to operate as "intermediary businesses," meaning brokers no longer need to apply for the same licenses as crypto exchanges and wallet operators. The bill also provides stablecoin issuers with greater asset backing flexibility, allowing them to use certain Japanese and U.S. government bonds as endorsing assets for stablecoin rather than the currently required 1:1 cash deposits. However, only specific bonds with a remaining maturity of three months or less are eligible, and the bond backing ratio cannot exceed a maximum of 50%. The rest still needs to be held in a current account. For crypto brokers, the new regulations will not require them to meet financial requirements or anti-money laundering regulations, significantly reducing market entry barriers. Brokers only need to prove that they do not directly process client funds to obtain a new license. According to reports, large Japanese companies including Mercari, SBI Securities and Monex Securities have expressed interest in brokerage business.