Japan Poised to Lift Ban on Non-domestic Stablecoins
Source: Soraneko/Adobe Japan’s top financial regulator is set to do away with a long-standing ban on the distribution of foreign firm-issued stable coins . Per Nikkei, the Financial Services Agency (FSA), the regulator that polices the crypto sector, will make the move “as early as next year.” But the body added that it will first seek approval from lawmakers and the industry. A number of small-cap yen-, euro-, and USD-pegged stable coins have already debuted in Japan. But none of the 31 crypto exchanges licensed by the FSA yet offers international stablecoin pairings. As such, Japanese traders have effectively been frozen out of the tether (USDT) and USD coin (USDC) markets. While the FSA stopped short of stating definitively that the ban would indeed be lifted, it has already begun the consultation process. But with most lawmakers – including the government – now pressing for a more relaxed approach to regulation, few obstacles are li...