In 2023, Japan will lift the ban on foreign stablecoins such as Tether (USDT) or USDC

A highly regulated market regarding Bitcoin (BTC) and cryptocurrency trading Japan lifts ban on foreign stablecoins in 2023 such as Binance USD (BUSD), Tether (USDT) or USDC.

It is the Japanese press agency Nikkei that reveals the information, indicating that the circulation of these stablecoins will be subject to strict conditions that will regulate the deposit of assets and the volumes of transactions, which will be limited to a certain maximum sum.

In Japan, crypto exchanges are actually subject to very strict rules for customer deposits, a Japanese crypto exchange is required to separate client funds from other corporate assets to protect them from any malicious action by the crypto exchange that might be tempted to use them for its own purposes.

Which brings to mind the FTX case, FTX Japan customers who will also soon be able to recover their crypto funds blocked on the Japanese exchange, which suspended payouts after FTX’s downfall.

Before allowing foreign stablecoins, the Japanese regulator, lJapan’s Financial Services Agency (FSA) also looked into the collapse of the algorithmic stablecoin TerraUSD (UST) to determine exactly which stablecoins will be accepted on the Japanese crypto market.

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The introduction of stablecoins must especially promote international money transfers that can be “faster and cheaper” using stablecoins.

The stablecoin sector is becoming increasingly competitive and attracts the envy of crypto exchanges. Recently, Coin base therefore asked its customers to convert their USDT tokens to USDC, click here to read our article.

On his side, Binance recently implemented a system that automatically converts USDC token deposits into Binance USD (BUSD) stablecoins, Binance’s stablecoin.

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