- Japan’s FSA announced that it has decided to lift the ban on stablecoins.
- From June 2023, domestic investors would be allowed to trade using stablecoins.
- The authority would ensure the security of the traders by checking the compliance of the stablecoins.
As per the reports of a local financial authority, the Financial Services Agency (FSA) of Japan announced that the new regulations on crypto would be implemented from June 2023, permitting domestic investors to trade certain stablecoins including Tether (USDT).
On December 26, 2022, a local news agency Nikkei reported that Japan’s FSA has already taken initiative to lift the ban on the domestic distribution of foreign-issued stablecoins in 2023. Accordingly, “the international remittances may become faster and cheaper” if the stablecoin payments spread.
Previously, in June 2022, Japan’s Parliament issued a bill restricting stablecoin trade in the country, especially to ban the issuance of stablecoins by non-banking institutions. The bill stated that the issuance of stablecoins was limited to licensed banks only.
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