Japan plans to enact new regulations on digital currencies in June this year. In these new rules, Japanese traders will be allowed to access and trade stablecoins minted in other countries.
According to Wallex and quoted by Forkast, after the new regulations are in place, the Financial Services Agency of Japan (FSA) will review the status of stablecoins in terms of compliance with the rules and having sufficient support. This will be done in order to protect users.
The Financial Services Agency declined to confirm whether popular stablecoins such as Tether or USDC would be accepted in Japan under the new digital currency rules.
The regulatory reform, which will lift a ban on stablecoins imposed in June last year, is part of efforts by Japanese Prime Minister Fumio Kishida to support digital finance and Web 3 adoption to boost the Japanese economy. He called this field “new capitalism”.
Cryptocurrency exchanges Kraken and Coinbase have since shut down their operations in Japan due to legal issues.
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