The Financial Services Agency of Japan will lift the ban on the circulation of overseas-issued stablecoins in Japan next year

2022-12-26 13:40:14

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ChainCatcher News: The Financial Services Agency of Japan will lift the circulation ban on overseas-issued stablecoins in Japan in 2023. This measure will be implemented after the relevant guidelines are amended, in conjunction with the latest "Funds Settlement Act" that will take effect in 2023.

For domestically issued stablecoins, issuers are required to prepare reserve assets as collateral, and the issuers are limited to banks, registered transfer agents, trust companies, and others. Additionally, regarding the overseas-issued stablecoins that are scheduled to be unbanned, domestic practitioners handling these tokens are obligated to safeguard the assets, and it is also proposed to set the remittance limit at 1 million yen per transaction. The Financial Services Agency stated that it will begin soliciting opinions after December 26. (Coinpost)

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