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Japan To Ban Foreign Stablecoins

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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.

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