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Japan's Financial Services Agency is seeking feedback on new regulations that would allow stablecoins issued outside the country to be listed on local exchanges, Japanese newspaper Nikkei reported on Monday.
For the purpose of the proposed Regulations, Local distributors will be permitted to process stability-oriented payments, which are cryptocurrencies stabilized in relation to the value of sovereign currencies such as the American dollar, they keep enough assets.
Another article published on Monday said the regulations stand to reverse a ban on the distribution of foreign stablecoins locally. Local exchanges don't currently list stablecoins like USD Coin (USDC) and tether (USDT) that are issued by foreign entities.
Following the collapse of the multi-billion dollar stablecoin issuer at the beginning of the year, the Japanese Parliament adopted a set of stability-specific rules aimed at protecting investors.
The new rules on foreign pensions would be applied together with the revised law on payment services, according to the nikkei. The framework is open for public comment until Jan. 31 to be implemented next year.
Read more: Japan to Exempt Token Issuers From Corporate Tax on Unrealized Gains
