Japan is expected to remove the ban on cryptocurrency stablecoins through BeInCrypto

BeInCrypto – Japan’s Financial Services Agency is expected to remove restrictions on domestic distribution of foreign stablecoins in 2023.

According to Coinpost, the new crypto rules will be implemented soon in accordance with the latest “Revised Payment Services Act.”

Proposed rules for stablecoins

If the ban on stablecoin forex is lifted, The responsible party for the Japan stablecoins will automatically be the distributor. According to the report, merchants will deal with the tokens instead of foreign issuers to protect their value.

Meanwhile, it is suggested that the maximum amount of money transfers for these stablecoins be limited to 1 million yen or $7,500 per transaction. But, It is not clear what stablecoins will return to Japan.

USDC issued by a US-based department, It could be one of the stablecoins to enter Japan. (USDT), the largest stablecoin, could be another player.

exactly the contrary, The responsibility again lies with the source One of the stable coins minted in the country. The issuer will require collateral as security in this case. In the meantime, banks, trust companies, and companies that provide money transfers will be the only issuers allowed in the stablecoin market.

According to coinpost, in 2023 the Japanese Financial Services Agency may lift the ban on trading stablecoins issued abroad (such as USDC USDT, etc.) in Japan, and the transfer limit will be set at 1 million yen ($7,500) per trade. https://t.co/lCGCKd3bFT

– Wu Blockchain (@WuBlockchain) December 26, 2022

BeInCrypto previously reported that Japan’s financial watchdog intends to classify algorithmic stablecoins in the same category as.

But the Financial Services Agency has hinted that future rules on this category may be stricter. BeInCrypto was unable to independently verify the report.

New year, new encryption system

Apart from certain regions, the Japanese authorities have recently relaxed the regulations governing the cryptocurrency market. It includes making it easier for cryptocurrency exchanges to list stablecoins.

In November, The Japan Digital Agency announced that it would be setting up its own agency decentralized autonomous organizationDAO) before enacting its legal status. Japan’s Ministry of Economy even set up a Web 3.0 Office dedicated solely to Web 3.0 policy.

within, Binance has set out a plan to return to the Japanese market. This is a year after it left the market following warnings from national regulators.

In a new attempt at re-entry, the largest exchange by volume could acquire the Japanese cryptocurrency company Sakura Bitcoin Exchange. Meanwhile, Square (NYSE:Enix) and heavyweight SBI have revealed another deal.

The Tokyo Stock Exchange-listed gaming company and SBI have signed a crypto gaming merger and acquisition deal.

In addition to stablecoin regulations, Japan is offering a push for sustainable cooperation with crypto miners in the country. Tokyo Electric Power Company of Japan (TEPCO) (TYO:) in partnership with the equipment manufacturer TRIPLE-1 will power cryptocurrency mining with redundant electricity on its network.

On the contrary, in terms of restrictions, the change in the Japanese Labor Standards Law also prohibits the use of virtual currencies in digital salary transfers.

The post in which Japan was expected to lift the ban on stablecoins issued abroad was first seen on BeInCrypto.

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