Japan’s new regulations that will allow investors to trade using stablecoins such as Tether (USDT) are expected to be implemented no later than June 2023, according to local financial authorities.
Japan’s Financial Services Agency (FSA) is working on lifting the ban on stablecoins in the country, with plans to allow some stablecoins later this year.
“This does not mean that all foreign products of so-called ‘stablecoins’ will be allowed without any restrictions,” a spokesperson for Japan’s FSA said in a statement.
The FSA will only allow stablecoins that have been audited on a case-by-case basis to ensure that cryptocurrencies This is safe from the point of view of protecting users by FSA representatives, for example: Overseas leavers in their home countries which are subject to equivalent regulations in Japan. with proper maintenance of underlying assets
However, the agency is silent on whether to allow major stablecoins such as USDT or USDC.
The new regulation on Japan’s stablecoins is part of a Cabinet Directive and Cabinet Office ordinance on amendments to the Payment Services Act 2022, which was launched in December 2022. Make payments electronically and develop relevant registration procedures.
The FSA will accept public comments on changes to the Payment Services Act through January 31, 2023, so the exact date has yet to be decided. And noted that the law enforcement deadline was set for early June.
The post Japan May Allow Stablecoins in Japan by June 2023 appeared first on Bitcoin Addict.