Japan Will Adopt New Stablecoin Regulations by June

The Japanese authorities plan to adopt new regulations to allow non-Japanese-issued stablecoins to be listed on local crypto exchanges by June 2023, a FSA representative has said.

The regulator began collecting feedback on easing the rules for listing “foreign” stablecoins at the end of last year.

According to the FSA spokesman:

“The document is scheduled to be made public and come into effect after the close of public comment, the exact date has not yet been determined.”

According to him, only those assets that pass “individual checks” and guarantee safety in terms of consumer protection will receive approval. No decision has yet been made on whether the authorities will allow the listing of USDT or USDC, which are backed by the US dollar.