In 2023, the Japan Financial Services Agency is expected to lift the ban on domestic circulation of stablecoins issued overseas.
After revising the Cabinet Office regulations and formulating guidelines, we plan to apply them in accordance with the latest Revised Payment Services Act scheduled to take effect in 2023. Japan Economic News reports.
The guide will show the detailed rules under the revised Payment Services Act.
For domestically issued stablecoins, issuers need to prepare pledged assets as collateral. Issuers are limited to banks, funds transfer service providers and trust companies.
In addition, for stablecoins issued overseas, which is planned to be canceled, distributors handling tokens in Japan, rather than issuers, will be required to protect assets, and remittances will be capped at 1 million yen per transaction. is a suggestion.
The specific object of the overseas stable currency is currently unknown, but it may be the US dollar currency (USDC) issued by US Circle Inc. and major exchanges Coinbase, and its value is denominated in US dollars.
As an anti-money laundering measure, stablecoin issuers are also expected to be required to record transaction information such as names. The Financial Services Agency (FSA) will start collecting comments on the draft stablecoin guidance after the 26th.
