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UPD: The first foreign stablecoins may be allowed in Japan as early as June

As we wrote earlier, the Financial Services Agency (FSA) of Japan plans to lift the ban on the distribution of foreign stablecoins within the country in 2023. The first details concerning the time frame have been disclosed, шn a conversation with Cointelegraph a representative from the FSA mentioned a few details:

  1. New legislation regarding stable coins will be adopted no later than June 2023;
  2. By the end of the year, those stablecoins that pass special checks and prove to be safe for user protection will receive permission;
  3. There is no information about whether USDT and USDC will be admitted to the Japanese market yet. “The FSA does not provide any opportunity to access such information before making a decision,” the representative said.

This is an update to this article: Green Light for Foreign Stablecoins in Japan