Japan’s Financial Services Agency (FSA) plans to allow the circulation of foreign-issued stablecoins in the local market next year, Nikkei reported on Monday.
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Fast facts
- The regulation may come into effect in 2023 alongside the “Revised Payment Services Act,” Nikkei reported.
- The FSA reportedly said greenlighting overseas stablecoins will require stricter anti-money laundering measures, according to the report.
- In June, the Japanese parliament passed a bill to ban non-banking institutions from issuing stablecoins.
- Cryptocurrency exchanges in Japan registered with the FSA currently do not offer stablecoin trading pairs, including popular assets such as USDT and USDC.
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