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Japan passed a law on the issuance of stablecoins












Japan’s parliament passed a law clarifying the status of cryptocurrencies pegged to national currencies.

Japan passed a law on the issuance of stablecoins

Japan’s parliament passed a law clarifying the status of stablecoins. As Bloomberg writes, stablecoins in Japan now have the status of digital money, they must be tied to the yen or other means of payment and guarantee holders the right to redeem at face value.

The approved law will take effect next year. Once enacted, only licensed banks, trust companies and registered money transfer operators will be able to issue stablecoins. The action of the law will not affect already issued foreign stablecoins.

In addition to Japan, the authorities of various countries began to discuss the possibility of international regulation of stablecoins. Article fr​om catalogue CryptoDeFix. This happened after the UST (LUNA) token was devalued.