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According to local news agencies, Japanese regulators may lift the ban on cryptocurrency restrictions for foreign stablecoins like Tether (USDT) and USD Coin (USDC) in 2023.
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According to Nikkei's local news agency, the Financial Services Agency of Japan (FSA) will reconsider
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its major cryptocurrency restrictions regarding the distribution of foreign-issued stablecoins in 2023.
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According to the report, the country's new stablecoin regulations will allow local exchanges to trade stablecoins under
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the conditions of asset preservation through deposits and a maximum limit on remittance.
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According to the report: If payment using stablecoins spreads, international remittances may become faster and cheaper.
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Japan's parliament approved a bill in June 2022 to ban stablecoin issuing by banks and other institutions.
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FSA stated that Japan's approval of stablecoin distribution would require additional controls for Anti-Money Laundering.
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As no local exchanges allow trading in stablecoins like USDT or USDC,
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the FSA's latest announcement will significantly impact crypto trading services in Japan.
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According to official data, none of the 31 Japanese exchanges registered with the FSA handled stablecoin trading on November 30, 2022.