Japanese crypto exchanges are now prohibited from supporting stablecoins whose issuers are not registered in the country.
Thus, transactions with fiat-backed digital currencies are prohibited on all licensed trading floors in Japan.
This registry currently includes 31 exchanges, including BitFlyer and Coinchek, according to Nikkei. But already in 2023, the Financial Services Agency (FSA) plans to soften the regime and abandon the ban on the use of stablecoins that were issued by foreign developers.
Japanese exchanges will be able to process Tether (USDT) and USD Coin (USDC) trades. Representatives of the FSA have not yet published any official comments in connection with the information received.
The decision to lift the ban on transactions with stablecoins is most likely part of a government program to stimulate the growth of the blockchain industry.
In mid-December, the ruling Liberal Democratic Party in Japan initiated an easing of fiscal policy towards crypto companies. The deputies propose to abolish the taxation of startups that issue tokens.
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