Japan outlines timelines for loosening stablecoin regulation

New regulatory norms intended to allow the listing on local crypto exchanges of stablecoins issued outside Japan may be adopted no later than June 2023. This was stated by a representative of the FSA in comments to Cointelegraph.

\n\n\n\n

At the end of 2022, the regulator began collecting feedback on relaxing the rules for listing foreign stablecoins — the consultation will run until 31 January 2023.

\n\n\n\n

\”It is planned that the document will be published and come into effect after the public consultation closes, the exact date has not yet been determined,\” said the FSA representative, noting that the deadline is set for early June.”

\n\n\n\n

According to him, only assets that pass \”individual checks\” and guarantee consumer protection will be approved. At the same time, it is not yet known whether authorities will allow listing of USD-backed USDT or USDC.

\n\n\n\n

Restrictions on foreign stablecoins were introduced after the Terra collapse in May. According to the bill passed in June 2022, stablecoins must be pegged to the yen or another legal tender and guarantee holders the right to redeem them at face value.

\n\n\n\n\n\n\n

In December, the FSA recommended restricting the use of algorithmic stablecoins within the country.

\n\n\n\n

Earlier in the same month, the tax committee of the ruling Liberal Democratic Party approved easing tax burdens for token issuers.

\n\n\n\n

Follow ForkLog’s bitcoin news on our Telegram — cryptocurrency news, prices and analysis.