Japan equated stablecoins with digital money
The country’s government has developed a legal framework to regulate stablecoins
03.06.2022 - 06:40
452
2 min
0
What’s new? Japan’s parliament has passed a bill clarifying the legal status of stablecoins and defining them essentially as digital money. According to the document, stablecoins must be backed by any legal tender and guarantee owners the right to redeem them at face value, Bloomberg reports.
More details about the bill. The initiative was passed after the rate collapse of the algorithmic stablecoin TerraUSD, which lost its peg to the US dollar in early May. Japan’s new legal definition of stablecoins effectively means that only licensed banks, financial companies, and trust funds can issue such assets.
The bill will not affect existing stablecoin issuers such as Tether (USDT). In this, Japanese crypto exchanges had not listed a single stablecoin by the time the document was passed.
What happened before? In April, the head of the Bank of Japan’s (BOJ) payment systems department Kazushige Kamiyama called on the G7 nations’ leaders to adopt common rules to regulate digital assets. The urgent need for regulation is related to the growing popularity of digital assets among the population, Kamiyama believes.
Also, on April 1, Japan began complying with the rules of the International Financial Action Task Force (FATF). Japanese cryptocurrency exchanges banned anonymous transactions and also began to provide their customer data when required by the regulatory authorities.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$90 954
BTC
-0.44%
-
Ethereum
$3 160.46
ETH
+2.34%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.18
XRP
+34.11%
-
Dogecoin
$0.369251
DOGE
-1.64%
-
Cardano
$0.762196
ADA
+12.61%
-
Bitcoin Cash
$476.35
BCH
+9.97%
-
Polkadot
$5.75
DOT
+12.89%
-
Litecoin
$95.88
LTC
+14.66%
-
Stellar XLM
$0.211682
XLM
+52.8%