JUST IN: Foreign Stablecoins Are Coming To Japanese Exchanges

December 26, 2022 11:30 am Comments

Japanese crypto traders and investors recently got a spot of good news.

The Financial Services Agency of Japan will be ending the ban on foreign stablecoins like USDT and USDC from trading on Japanese exchanges.

Currently, no local Japanese exchange supports foreign stablecoin trading.

The FSA cited making foreign remittances faster, cheaper, and overall more efficient as one of the major benefits of lifting the current stablecoin ban.

On the other side of the coin are the numerous overhauls to money laundering rules and regulations that the Japanese government will have to adopt in light of the recent changes.

Investors and traders celebrated and saw it as a bullish sign for the broader market:

Crypto Slate provided more details:

Media reports said the remittances limit is 1 million yen ($7500) per transaction. The FSA will require the exchanges to collect the personal information of their users, like names, etc. Besides that, the regulator said it would start collecting feedback on the guidelines from Dec. 26.


Coin Telegraph adds:

Japanese authorities have been actively working on crypto-related regulations recently. On Dec. 15, Japan’s ruling party, the Liberal Democratic Party’s tax committee, approved a proposal removing the requirement for crypto firms to pay taxes on paper gains issued tokens.

Previously, local regulators also issued recommendations against the usage of algorithmic stablecoins like TerraUSD (UST).

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