Japan’s FSA lifts ban on stablecoins; New Regulations From June by CoinEdition

Japan’s FSA lifts ban on stablecoins; New regulations from June
  • Japan’s Financial Services Authority announced that it has decided to lift the ban on stablecoins.
  • Starting June 2023, local investors will be allowed to trade with stablecoins.
  • The authority will ensure the security of traders by checking the compliance of stablecoins.

According to reports from a local financial authority, the Financial Services Agency (FSA) in Japan has announced that new regulations on cryptocurrencies will be implemented from June 2023, allowing local investors to trade certain stablecoins including (USDT).

On December 26, 2022, a local news agency reported that the Japan Financial Services Authority had already taken the initiative to lift the ban on domestic distribution of stablecoins issued from abroad in 2023. Accordingly, “international remittances may become faster and cheaper” if stablecoin payments are spread.

Previously, in June 2022, the Japanese parliament passed a bill restricting stablecoin trading in the country, mainly to ban the issuance of stablecoins by non-bank institutions. The bill stated that the issuance of stablecoins was limited to only licensed banks.

Japan’s Financial Services Agency (FSA) lifts ban on stablecoins; The new regulations from June first appeared in Coin.

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