The Financial Services Agency of Japan (FSA), the country's financial regulator, intends to allow the listing on local exchanges of stablecoins issued outside the country, Nikkei has reported.
According to the publication, the draft document allows the circulation of payment-oriented "stablecoins” with a sufficient amount of collateral assets.
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The new rules involve lifting the ban on local exchanges, which were not allowed to list stablecoins such as USDC or USDT.
It should be noted the legislative changes will come into force together with the revised Payment Services Act.
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Restrictions on "foreign" stablecoins were introduced following the fall of Terra back in May. A bill passed in June would require "stablecoins" to be pegged to the yen or other legal tender and would guarantee holders the right to exchange them for their face value.