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Browse: Home / 2022 / June / 03 / Japan Passes Crypto Stablecoin Bill That Enshrines Investor Protection – Bloomberg

Japan Passes Crypto Stablecoin Bill That Enshrines Investor Protection – Bloomberg

By Securities Docket on June 3, 2022, 7:30 am

Japan’s parliament passed a bill on Friday that clarified the legal status of stablecoins, defining them essentially as digital money. Stablecoins must be linked to the yen or another legal tender and guarantee holders the right to redeem them at face value, according to the new law.

The legal definition effectively means stablecoins can only be issued by licensed banks, registered money transfer agents and trust companies. The legislation doesn’t address existing asset-backed stablecoins from overseas issuers like Tether, or their algorithmic counterparts. Crypto exchanges in Japan don’t list stablecoins.

Source: Japan Passes Crypto Stablecoin Bill That Enshrines Investor Protection – Bloomberg

Posted in Global, Top | Tagged Japan, Stablecoins

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