The Financial Services Agency of Japan (FSA) is collecting feedback on proposed regulations intended to permit the listing of foreign-issued stablecoins on local cryptocurrency exchanges, CoinDesk reports, citing Nikkei.
The draft document envisions payment-oriented stablecoins backed by a substantial asset base.
The new rules would lift the ban on local exchanges distributing popular coins such as USD Coin (USDC) or Tether (USDT).
The changes to the legislation will take effect alongside the revised Payments Services Act, according to the report.
Restrictions on the Terra crash in May were introduced. Under the bill passed in June, «stablecoins» must be pegged to the yen or another legal tender and guarantee holders the right to redeem them at face value.
In December, the FSA recommended restricting the use of «algorithmic stablecoins» within the country.
In the same month, the tax committee of the ruling Liberal Democratic Party approved easing of the tax burden for token issuers.
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