Japan Will Allow Issuance of Foreign Stablecoins Before June | News

According to a representative of the Financial Services Agency of Japan (FSA), the country’s financial regulator, the new regulations to allow non-Japan-issued stablecoins to be listed in local cryptocurrency exchanges will be adopted by June 2023.

Recall that the regulator started late last year to collect comments on relaxing the rules to list foreign stablecoins. The process will continue until January 31.

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According to a regulator’s spokesperson:

“The document is scheduled to be made public and become effective after the close of public comments, the exact date is yet to be determined.”

According to him, only those assets that pass “individual checks” and ensure safety in terms of consumer protection will receive approval. At the same time, it is not yet known whether the authorities will allow the listing of USDT or USDC, which are backed by US dollars.

It is worth noting that after the fall of Terra back in May, restrictions on foreign stablecoins were introduced.

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