Crypto 24X7 News Hubb
Advertisement
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us
No Result
View All Result
Crypto 24X7 News Hubb
No Result
View All Result
Home Crypto Mining

Japanese FSA to Authorize the Use of Foreign Stablecoins

admin by admin
December 27, 2022
in Crypto Mining


It seems that in 2023, Japanese investors will be able to trade stablecoins, like USDT or USDC.

The Financial Services Agency (FSA) of Japan, a government agency and an integrated financial regulator responsible for overseeing banking, securities and exchange, is looking to allow the domestic distribution of foreign stablecoins.

According to the report shared by the local news portal Nikkei, the FSA will make the changes “as early as next year.”

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe – We publish new crypto explainer videos every week!

The FSA is reportedly waiting to revise the ordinances issued by the Cabinet Office and create stablecoin handling guidelines, which will be included in the revised “Payment Service Act.”

The news report noted that the new regulation will allow local crypto exchanges to handle stablecoins “under the condition of asset preservation by deposits and upper limit of remittance.”

On top of that, Nikkei stated that if the Japanese start widely using stablecoins for various payments, it will open doors for “faster and cheaper” international transactions.

It is reported that after FSA lifts the ban, the stablecoin distributors will be required to protect the assets and limit stablecoin trading to 1 million yen ($7510) per transaction. On top of that, FSA will be calling for stricter Anti-Money Laundering controls.

On December 26th, FSA started collecting user, investor and industry feedback regarding its plans to lift the ban.

It can be assumed that lifting the ban will significantly impact the Japanese crypto industry, as none of the 31 FSA-registered local crypto exchanges offers trading using US dollar-pegged stablecoins, like USD Coin (USDC) or Tether (USDT).

It is worth noting that Japan’s parliament banned stablecoin issuance by non-banking institutions in June 2022.

In other Japan-related crypto news, at the end of November, Nikkei revealed that the central bank of Japan is looking to launch a central bank digital currency (CBDC) pilot in spring 2023.

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree




Source link

Previous Post

Financial Surveillance Calls For Bitcoin – Bitcoin Magazine

Next Post

Nigerian Security Agency Seeks to Arrest Central Bank Governor on Charges of Funding Terrorists – Africa Bitcoin News

Next Post

Nigerian Security Agency Seeks to Arrest Central Bank Governor on Charges of Funding Terrorists – Africa Bitcoin News

Recommended

‘LEAKED BIDS’ — Binance, Galaxy Digital among secret bidders for Celsius assets

January 27, 2023

The Civilizational Roles Of Bitcoin – Bitcoin Magazine

December 21, 2022

Don't miss it

Crypto Currency

CleanSpark Mines Record 697 Bitcoin In January, A 50% Increase Since December

February 3, 2023
Ethereum

Logan Paul and CryptoZoo sued in class action lawsuit

February 3, 2023
Crypto Currency

Chainalysis to Dismiss 48 Employees, Prepares to Reorganize Structure

February 3, 2023
Crypto Currency

MicroStrategy says no plans to stop trading BTC as paper loss hits $1.3B

February 3, 2023
Bitcoin

ETH platform Blocknative adds bundles, cancellation, replacement

February 3, 2023
Bitcoin

Okx to Launch Okx Collective, a Metaverse Experience Powered by Manchester City Soccer Players – Metaverse Bitcoin News

February 2, 2023

© 2022 Crypto 24X7 News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Crypto Currency
  • Bitcoin
  • Ethereum
  • Crypto Mining
  • Contact us

© 2022 Crypto 24X7 News Hubb All rights reserved.