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.
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:
Japan to lift the ban on foreign stablecoins like USDT in 2023: Report . None of the 31 crypto exchanges registered with Japan's Financial Services Agency are currently offering trading in stablecoins like USDT or USDC.
— 佳娜 (@kMwbSrUNjd6OZ3z) December 26, 2022
This is great step toward #crypto. 🙌
— RK Gupta (EarnWithRK) (@earnwithrk) December 26, 2022
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.
According to coinpost, in 2023, the #Japan Financial Services Agency may lift the ban on the circulation of foreign-issued stablecoins (such as #USDC #USDT, etc.), and the remittance limit will be set at 1 million yen (7500 $) for a deal.
— crypto.news (@Cryptos00n) December 26, 2022
Japan to lift the ban on foreign stablecoins like USDT in 2023:
The new stablecoin regulations in Japan will allow local exchanges to handle stablecoin trading under the condition of asset preservation by deposits and an upper limit of remittance. #crypto #BTC pic.twitter.com/n9OZGvQF6s
— DecentraDecoded (@DecentraDecoded) December 26, 2022
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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