Regulation of stablecoins in Japan.
The Japanese authorities are ready to ease the regulation of stablecoins in the country. ⠀
The new rules imply the abolition of the ban on local exchanges to distribute popular coins such as USD Coin (USDC) or Tether (USDT). Changes to the legislation and the revised Law on Payment Services will come into force simultaneously.
Restrictions on “foreign” stablecoins were introduced after the May collapse of Terra. According to the June bill, stable coins should be tied to the yen or other legal tender and guarantee their owners the right to redeem them at face value.
In December, the FSA recommended limiting the use of algorithmic stablecoins.
In the same month, the tax committee of the ruling Liberal Democratic Party approved easing the tax burden for token issuers.