Japan is expected to accept certain stablecoins such as Tether (USDT) by June 2023.
The Japan Financial Services Agency (FSA) is working to lift the ban on domestic use. The FSA is expected to introduce further improvements to this ban later this year.
FSA May Lift Stablecoin Ban By June 2023
The Japan Financial Services Agency (FSA) is preparing to review stablecoin regulation. The agency is expected to relax on the ban by June 2023.
In the shadow of the discussions, the FSA spokesperson made the following statements:
“This does not mean that all foreign-sourced products called stablecoins will be allowed without any restrictions.”
In addition, the FSA representative added that these products will be allowed to stablecoins that pass the tests after individual measures are taken for users.
The FSA spokesperson also said there’s no chance of knowing if major stablecoins like Tether (USDT) or Usd Coin (USDC) will be allowed.
The spokesperson continued:
“The FSA does not provide any access to such information before making a decision.”
According to official data, the FSA will accept public comments under the Payment Services Act on January 31, 2023.
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