With Japan set to lift its stablecoin ban, crypto enthusiasts can expect this in 2023

With Japan set to lift its stablecoin ban, crypto enthusiasts can expect this in 2023

December 27, 2022

By Suzuki Shillsalot

The Financial Services Agency is expected to reportedly lift its ban on foreign issued stablecoins in 2023
These stablecoins will be managed by local distributors who will have to ensure consumer protection and comply with AML laws

The top financial regulator of Japan indicated that 2023 could see some positive changes with regard to major stablecoins. These include Tether USD (USDT), USD Coin (USDC) etc.

According to Japanese local media, the Financial Services Agency is set to lift its controversial ban on domestic distribution of stablecoins issued overseas in 2023.

Revised payment services act

As per a report by Coinpost, the Financial Services Agency made the decision after revising Cabinet Office ordinances. Furthermore, the agency further plans to establish appropriate guidelines which stands in line with the latest Revised Payment Services Act. The FSA also conducted a review of stablecoins and their potential impact on Japan’s financial system.