The Japan Financial Services Agency will lift the ban on the circulation of stablecoins issued overseas in Japan in 2023

According to Coinpost, Japan’s Financial Services Agency will lift the ban on the circulation of stablecoins issued overseas in Japan in 2023. The plan will be launched in conjunction with the latest "Fund Settlement Law" to be implemented in 2023 after revising the relevant guidelines. "Nihon Keizai Shimbun" reported on this. Among them, for stablecoins issued in Japan, issuers are required to prepare value-preserving assets as guarantees, and issuers are limited to banks, registered transfer agencies, trust companies, etc. In addition, with regard to the planned overseas stablecoins that are scheduled to be lifted, domestic practitioners who handle the tokens are obliged to preserve their assets, and it is also proposed to set the upper limit of remittances at 1 million yen each time. The Financial Services Agency stated that it will begin to solicit opinions after the 26th. Foresight News previously reported that the Japanese parliament passed a stablecoin bill in June this year, which clarified the legal status of stablecoins and defined them as digital currencies in essence. According to the new bill, stablecoins must be linked to the Japanese yen or other fiat currencies. And guarantee the holder the right to redeem at face value.