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Japanese officials are rethinking certain important cryptocurrency limitations concerning the usage of stablecoins such as Tether (USDT).
According to Nikkei, Japan’s Financial Services Agency (FSA) will relax the prohibition on domestic circulation of foreign-issued stablecoins in 2023.
The new stablecoin legislation in Japan will allow local exchanges to conduct stablecoin trade subject to asset preservation through deposits and a remittance limit. International remittances may become faster and cheaper if payment with stablecoins grows, according to the paper .
Allowing stablecoin distribution in Japan will also necessitate stricter anti-money laundering safeguards, according to the FSA.
Currently, none of the 31 crypto exchanges regulated by the FSA enable trading in stablecoins such as USDT or USDC, and a regulation change might have a substantial influence on cryptocurrency trading services available in Japan.
In June, Japan’s parliament passed legal framework around stablecoins, in which it clarified the definition of stablecoins, which is now considered as digital money in Japan. It has to be linked to the yen or another legal tender, to guarantee holders the right to redeem them at face value.