Japan will introduce regulations by June this year to allow domestic investors to trade certain stablecoins issued abroad, Cointelegraph said, according to the country’s regulator, the Financial Services Agency (FSA). reported by citing
See related articles: Japan’s Web 3.0 Lawmakers Urge Further Relaxation of National Crypto Regulations
quick facts
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Once the new regulations are introduced, the FSA will investigate stablecoin compliance, including having the necessary assets to back the stablecoin and ensure user protection, an FSA spokesperson said. told Cointelegraph.
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The FSA has declined to confirm whether popular stablecoins such as Tether and USDC will be accepted in Japan under the new rules.
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A regulatory change that overturned the stablecoin ban introduced last June is seen as part of Prime Minister Fumio Kishida’s efforts to support the adoption of digital finance and Web3 in his strategy to revitalize the economy. . new capitalism. ”
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Japan’s ban on stablecoins comes a month after the US$40 billion collapse of the Terra-Luna stablecoin, operated by Singapore-based Terraform Labs, and has hit hundreds of thousands of investors around the world. brought losses.
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Crypto exchanges Kraken and Coinbase have since closed their operations in Japan, citing local market conditions.
See related articles: Coinbase asks Japanese customers to withdraw their holdings as it ceases operations
