Japan’s FSA set to lift the ban on foreign stablecoins in 2023
Stablecoins have been a contentious topic for the better part of 2022. However, Japan has taken a stand that could change the tide of this narrative. Japanese regulators are reviewing certain significant restrictions on the usage of stablecoins such as Tether USDT and USD Coin USDC for crypto investors with residence in Japan.
Japan to ease stablecoin operations in 2023
According to Nikkei, a Japanese news agency, the Financial Services Agency (FSA) will relax the ban on the domestic circulation of foreign-issued stablecoins in 2023.
If the restriction on foreign-issued stablecoins is lifted, the entity responsible for stablecoins in the country would automatically become the distributor. According to the report, distributors will handle the tokens rather than the overseas issuers in order to safeguard their value.
The new stablecoin legislation in the nation will permit local exchanges to facilitate stablecoin trade under the conditions of asset preservation through deposits and a maximum remittance amount. The report notes that overseas remittances could become faster and less expensive if the use of stablecoins spreads.
BREAKING: Japan to lift ban on foreign-issued stablecoins in 2023. — whalechart.org
Japan to ease stablecoin operations in 2023
According to Nikkei, a Japanese news agency, the Financial Services Agency (FSA) will relax the ban on the domestic circulation of foreign-issued stablecoins in 2023.
If the restriction on foreign-issued stablecoins is lifted, the entity responsible for stablecoins in the country would automatically become the distributor. According to the report, distributors will handle the tokens rather than the overseas issuers in order to safeguard their value.
The new stablecoin legislation in the nation will permit local exchanges to facilitate stablecoin trade under the conditions of asset preservation through deposits and a maximum remittance amount. The report notes that overseas remittances could become faster and less expensive if the use of stablecoins spreads.
BREAKING: Japan to lift ban on foreign-issued stablecoins in 2023. — whalechart.org