Japan is Reportedly Lifting Ban on Foreign-Issued Stablecoins

December 27, 2022

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Japan is Reportedly Lifting Ban on Foreign-Issued Stablecoins

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The Japan Financial Service Agency (FSA) is reportedly looking to lift the ban on foreign-issued stablecoins like Tether’s USDT by 2023.

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Japan Exchanges to Start Offering Foreign-Issued Stablecoins

Currently, none of the existing cryptocurrency exchanges in Japan is offering trading in stablecoins like USDC, USDT, and other stablecoins which are not native to Japanese exchanges or crypto firms.

Therefore, Japan’s Financial Services Agency will review restrictions related to the ban on foreign-issued stablecoins in the country, as reported by local media on Monday, December 26.

The upcoming stablecoin regulations in the country will see Japanese local exchanges offer stablecoin trading under the condition of asset preservation by deposits and an upper limit of remittance. “If payment using stablecoins spreads, international remittances may become faster and cheaper,” the report stated.

According to FSA, enabling stablecoins distribution will spur some regulations which are related to Anti-Money Laundering (AML).

In June 2022, Japan’s parliament passed a bill to ban local exchanges from issuing foreign stablecoins, and recently, the Japanese authority proposed to lift a ban on the stablecoins which seeks the opinion of the people of Japan, on Monday meanwhile, the country started receiving feedback on the proposal.

Japan has 31 exchanges registered with FSA, as per official data, and currently, none of these exchanges offer trading in foreign stablecoins, if the ban is finally lifted, it is likely to impact the market cap of the stablecoins involved.

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