Crypto News Japan Ban on stablecoins created outside in 2023

Latest Crypto News that According to a Dec. 26 Nikkei story, Japan’s Financial Service Agency (FSA) will end its ban on the local distribution of foreign stablecoins like USD Coin (USDC) in 2023.

The report claims that as stablecoin use grows, international transfers may become quicker and less expensive.

Foreign stablecoin transactions would be handled by local exchanges “under the constraint of asset preservation by deposits and upper limit of remittance.” The businesses must also follow stringent anti-money laundering regulations.

According to media reports, the maximum remittance is 1 million yen ($7,500) per transaction. The FSA will require the exchanges to gather user personal data, including names and other details. In addition, the agency declared that it will begin gathering comments on the rules on December 26.

One of the first nations to pass a stablecoin bill to assure investor protection was Japan in the wake of Terra UST’s demise. The local stablecoin issuers shall be restricted to financial organizations including banks, trust companies, and licensed money transfer agents, according to the stablecoin law of the Asian nation.

As of November 30, Japanese cryptocurrency exchanges do not list stablecoins backed by the USD.

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