In 2023, Japan will end its restriction on international stablecoins like USDT, according to a report

Stablecoin trading in stablecoins like USDT or USDC is not presently available on any of the 31 cryptocurrency exchanges listed with the Financial Services Agency of Japan.

Some significant cryptocurrency regulations relating to the usage of stablecoins like Tether USDT are being reviewed by Japanese officials.

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According to local news outlet Nikkei, Japan's Financial Services Agency (FSA) will end its restriction on the domestic circulation of foreign-issued stablecoins in 2023.

According to the new stablecoin laws in Japan, local exchanges will be authorised to conduct stablecoin trade as long as assets are preserved through deposits and there is a maximum remittance amount. International remittances may become quicker and more affordable if stablecoin payment expands, the research warns.

 

According to the FSA, further laws on anti-money laundering measures will be necessary in order to permit stablecoin distribution in Japan. On Monday, the authorities began gathering comments on ideas for easing the stablecoin restriction in Japan. As was previously reported, a law to prohibit stablecoin issuance by non-banking entities was approved by the Japanese parliament in June 2022.

Given that there are presently no local exchanges offering trading in stablecoins like USDT or USDC, the most recent legislation will have a substantial influence on cryptocurrency trading services provided in Japan.

As of November 30, 2022, none of the 31 Japanese exchanges registered with the FSA, including companies like BitFlyer and Coincheck, were handling stablecoin trading, according to official statistics.

At the time of writing, BitFlyer, one of the biggest cryptocurrency exchanges in Japan, traded five different cryptocurrencies, including Bitcoin BTC.

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An inquiry for comment from Cointelegraph was not immediately answered by the FSA.