Japan’s FSA expects to allow certain stablecoins by June 2023
Japan’s new regulations allowing investors to trade using stablecoins like Tether (USDT) are expected to be adopted no later than in June 2023, according to a local financial authority.
The Financial Services Agency (FSA) of Japan is working on lifting the ban on the domestic distribution of stablecoins, planning to allow certain stablecoins later this year.
“This does not mean that all foreign products of so-called ‘stablecoins’ will be allowed without any restriction,” a spokesperson for Japan's FSA said in a statement to Cointelegraph.
FSA will only allow stablecoins that successfully pass individual checks ensuring that such cryptocurrencies are safe from the viewpoint of user protection, the FSA representative stated. Examples include foreign issuers in their countries being subject to equivalent regulations in Japan, with underlying assets being preserved appropriately, the spokesperson added.
The authority also stressed that there is no chance of knowing whether major stablecoins like Tether or USDT will be allowed. “FSA does not provide any opportunity to access such information before the decision is made,” the representative said. Read More…
