Japan Passes Stablecoin Bill That Enshrines Investor Protection

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. The new legal framework will take effect in a year. Japan's Financial Services Agency has said it will introduce regulations governing stablecoin issuers in coming months.
Source

Stablecoins

Policy and Regulation

DeFi

Related News
Wall Street back-office giant DTCC mulls stablecoin integration: report Wall Street back-office giant DTCC mulls stablecoin integration: report
Crypto industry cheers progress in 'historic' stablecoin legislation as Senate advances GENIUS Act Crypto industry cheers progress in 'historic' stablecoin legislation as Senate advances GENIUS Act
Circle secures in-principle approval to operate as money services provider in Abu Dhabi Circle secures in-principle approval to operate as money services provider in Abu Dhabi
Mastercard moves to integrate stablecoins into global payments network Mastercard moves to integrate stablecoins into global payments network
Term Finance recovers $1 million of $1.6 million loss to oracle configuration error Term Finance recovers $1 million of $1.6 million loss to oracle configuration error
Latest News More More
1 Day Ago Ethereum community plans onchain ‘time capsule’ to mark 10th anniversary of network’s genesis block
6 Days Ago Circle's post-IPO stock surge pushes market cap near Coinbase and USDC
June 20 Kraken offers bitcoin ‘staking’ yield via Babylon without wrapping or lending
June 17 Trump makes over $57 million from WLFI sales, Truth Social files for Bitcoin and Ethereum combo ETF, and more
June 13 XRP Ledger adopts USDC one week after Circle goes public
delate
Use TokenInsight App All Crypto Insights Are In Your Hands
Open