New regulations designed to allow the listing of “stable coins” issued outside Japan on local crypto exchanges may be adopted no later than June 2023. This was stated by a representative of the FSA.
At the end of 2022, the regulator began collecting feedback on easing of rules for listing “foreign” stablecoins — it will last until January 31, 2023.
“It is planned that it [the document] will be made public and will enter into force after closure of public discussion, the exact date has not yet been determined,” the FSA representative said, noting that the deadline is scheduled for early June.
According to him, only those assets that pass “individual checks” and guarantee safety from the point of view of consumer protection will receive approval. At the same time, it is not yet known whether the authorities will allow the listing of USDT or USDC backed by the US dollar.
In December, the FSA recommended limiting the use of algorithmic stablecoins in the country.
Recall that in the same month, the tax committee of the ruling Liberal Democratic Party approved easing the tax burden for token issuers.