How Japan’s Lifting of Stablecoin Ban may affect Crypto world?
Join Our Telegram channel to stay up to date on breaking news coverage After the fall of Terra/Luna in May 2022, authorities started to scrutinize stablecoins even more. As a result, many countries came to the conclusion that restrictions must be placed on stablecoins that were backed by the U.S. dollar, like Tether (USDT) and USD Coin (USDC). However, things are now looking up. Japan is planning to lift its ban on the domestic distribution of dollar-backed stablecoins that are issued overseas. Financial Services Agency (FSA) took this decision after reviewing the ordinances that are passed by the Cabinet Office. Read ahead to know how the lifting of the ban on stablecoins would affect the crypto world . Japan on its Way to Lift its Stablecoin Ban The Financial Services Agency (FSA) of Japan officially made an announcement on December 26, 2022, that it would come out with a draft system and guidelines for the circulation of stablecoins that are linked to currencies such as ...