Report Suggests Japan Will Life Ban on Stablecoins During 2023
For now, Japan has placed a sort of embargo on the stablecoins of foreign origin. But according to recent news coming from Japan, the country's agency is thinking of lifting the ban during 2023.
The new changes will be rolled out as part of the country's new payment service act. In Japan, the stablecoins ban led mobile money agents and registered banks to issue their own stablecoins.
According to the new law, the foreign stablecoin's control will be taken from the issuer. Through this technique, Japan is going to allow the local distributors to take control and get in charge.
As part of the changes, Japan will put a maximum cap on the foreign stablecoins transfer to $7500/transaction. And even after the ban is lifted, any use of stablecoin will fall under the financing terrorism control and AML laws.
Before this news, there was no way for the Japanese population to access stablecoins. At the time of writing this, there were around 31 famous exchanges operating in Japan, and none of them were offering stablecoins.
According to experts, this move by Japan is a sign that it is adopting a more relaxed approach toward cryptocurrencies. This has already helped many international exchanges to start offering their services in the country and to run their operations.
Just recently, Binance exchange also got a license for a local exchange from the Japanese government. Considering it is one of the biggest exchanges in terms of volume, that would be good news for crypto investors and traders in Japan.
In short, this is a positive development that will further strengthen the crypto stronghold in Japan. In fact, it will also allow the Japanese to convert some of their tokens into stablecoins. In the end, it will help them to protect themselves during times of high volatility!
With 2023 on the horizon, it seems that there's already good news for the crypto traders residing in China. But what's further ahead? Only time will tell!