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Nigel Farage knows how to seize on a moment and how to spin a line.

He came to Washington to declare that Britain had “become North Korea.”

I’m not sure if he has been to North Korea, but I have, and I can report that Britain is not North Korea.

But then it makes a good headline and Mr Farage knows that. And to underline his point, he was gifted a moment with the news of the arrest of Graham Linehan two days ago at Heathrow.

But perhaps Mr Farage met his match over here on the other side of the Atlantic and on the other side of the political divide.

At a committee hearing in Washington – examining the perceived threat and impact that UK and EU online safety laws have on free speech – Mr Farage was given what liberals will likely regard as an evisceration by a number of Democratic Party politicians.

American politicians know how to drive a sound bite. One lawmaker called Mr Farage a “fringe politician”. Another, Representative Jamie Raskin, described Mr Farage’s appearance as “a drive by hit against a Democratic ally to benefit a Donald Trump sycophant and wannabe…”

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Mr Raskin went on to address the British people. “To the people of the UK who think this Putin-loving, free speech impostor and Trump sycophant will protect freedom in your country, come on over to America and see what Trump and MAGA are doing to destroy our freedom.”

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Linehan arrest ‘appears to be an overreaction’

There is a curiosity around this hearing. The right in Britain (Farage) and the left in America (Raskin et al) are using this moment to warn of what they both see as the erosion of freedom of speech in each other’s countries.

Frankly both are using the moment to score political points for their own side in their own countries – you’d expect nothing less.

Read more:
Truss calls for Trump-style ‘revolution’ in the UK
New Green leader doesn’t rule out pact with Corbyn

Interestingly though, when I put it to Mr Farage that there is more than a small dose of hypocrisy going on given that Trump’s administration has been accused of stifling any speech that it disagrees with (books in schools, content in museums, social media on phones, reporting in the media) he didn’t push back.

Instead he said he was here to warn against the stifling of any free speech; and to warn America of where he thinks it leads: “‘authoritarian Britain” in his mind.

Speaking to the committee, Mr Farage said: “I’ve come today as well to be a klaxon, to say to you, don’t allow piece by piece, this to happen here in America.

“And you would be doing us and yourselves and all freedom-loving people a favour if your politicians and your businesses said to the British government, ‘You’ve simply got this wrong, at what point did we become North Korea?'”

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Japan’s FSA backs joint stablecoin initiative by nation’s top banks

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Japan’s FSA backs joint stablecoin initiative by nation’s top banks

Japan’s financial regulator, the Financial Services Agency (FSA), endorsed a project by the country’s largest financial institutions to jointly issue yen-backed stablecoins.

In a Friday statement, the FSA announced the launch of its “Payment Innovation Project” as a response to progress in “the use of blockchain technology to enhance payments.” The initiative involves Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi Corporation and its financial arm and Progmat, MUFG’s stablecoin issuance platform.

The announcement follows recent reports that those companies plan to modernize corporate settlements and reduce transaction costs through a yen-based stablecoin project built on MUFG’s stablecoin issuance platform Progmat. The institutions in question serve over 300,000 corporate clients.

The regulator noted that, starting this month, the companies will begin issuing payment stablecoins. The initiative aims to improve user convenience, enhance Japanese corporate productivity and innovate the local financial landscape.

Related: Japan regulator proposes crypto rule overhaul in line with securities law

The participating companies are expected to ensure that users are protected and informed about the systems they use. “After the completion of the pilot project, the FSA plans to publish the results and conclusions,” the announcement reads.

The announcement follows the Monday launch of Tokyo-based fintech firm JPYC’s Japan-first yen-backed stablecoin, along with a dedicated platform. The company’s president, Noriyoshi Okabe, said at the time that seven companies are already planning to incorporate the new stablecoin.

Related: Japan’s finance Minister endorses crypto as portfolio diversifier

Japanese regulators focus on crypto

Recently, Japanese regulators have been hard at work setting new rules for the cryptocurrency industry. So much so that Bybit, the world’s second-largest crypto exchange by trading volume, announced it will pause new user registrations in the country as it adapts to the new conditions.

Local regulators seem to be opening up to the industry. Earlier this month, the FSA was reported to be preparing to review regulations that could allow banks to acquire and hold cryptocurrencies such as Bitcoin (BTC) for investment purposes.

At the same time, Japan’s securities regulator was also reported to be working on regulations to ban and punish crypto insider trading. Following the change, Japan’s Securities and Exchange Surveillance Commission would be authorized to investigate suspicious trading activity and impose fines on violators.