Will Japan’s Easing of Stablecoin Regulations Boost Cryptocurrency Trading, International Remittances? – Tether Dollar (USDT/USD), USD Coin (USDC/USD)

The Japanese Government Is Reviewing Key Cryptocurrency Rules Related to the Use of Stablecoins lanyard USDT/USD And usd coin USDC/USDAccording to a report.

Japan’s Financial Services Agency will end its ban on domestic circulation of foreign-issued stable coins in 2023, deposit and maximum remittance limits to local exchanges, stablecoin trading under asset protection terms through local news outlet Nikkei. will allow handling. Reported,

According to the report, “International remittances could become faster and cheaper if payments spread using stablecoins.”

The FSA has stated that further legislation regarding anti-money laundering measures will be necessary to allow stablecoin distribution in Japan.

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On Monday, officials began collecting feedback on suggestions to ease it stablecoin ban in japanWhich was approved by the Japanese Parliament in June 2022.

The new law will have a significant impact on cryptocurrency trading services in Japan, as none of the 31 registered exchanges, including BitFlyer and Coincheck, were handling stablecoin trading as of November 30.

In the past, the Japanese government has actively worked on developing crypto-related legislation, including a proposal by the ruling Liberal Democratic Party’s tax committee to exempt crypto companies from paying taxes on tokens issued for paper profit. is included.

Local authorities have also advised against use. algorithmic stable coins like Terra USD ustc/usd,

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