Japan’s parliament has passed a bill recognising stablecoins as digital money. Bloomberg reports.<\/p>\n
Under the bill, \u201cstablecoins\u201d must be pegged to the yen or another lawful tender and guarantee holders the right to redeem them at face value.<\/p>\n
This interpretation means that only licensed banks, money-transfer providers and trust companies may issue stablecoins.<\/p>\n
The law will take effect in the summer of 2023.<\/p>\n
The Financial Services Agency of Japan promised<\/a> to create operating rules for stablecoin issuers.<\/p>\n As a reminder, currently, the projects for future regulatory requirements for stablecoins are being prepared by Mitsubishi UFJ Financial Group<\/a> and Sumitomo Mitsui Trust<\/a>. Circle, the co-emitter of USDC, has also reported on such plans.<\/p>\n Earlier, the UK Treasury announced plans to legalise stablecoins. The move is intended to position the country as a crypto-friendly jurisdiction.<\/p>\n Later, FCA executive director FCA<\/span> Sarah Pritchard urged taking the TerraUSD collapse into account<\/a> as work continued on the industry\u2019s regulatory framework.<\/p>\n Subscribe to ForkLog news on Telegram: ForkLog Feed<\/a> \u2014 complete news stream, ForkLog<\/a> \u2014 the most important news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":" Japan’s parliament passed a bill recognising stablecoins as digital money. Bloomberg reports.<\/p>\n","protected":false},"author":1,"featured_media":62399,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[135,36,807],"class_list":["post-62398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-japan","tag-regulation","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62398","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=62398"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62398\/revisions"}],"predecessor-version":[{"id":62400,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/62398\/revisions\/62400"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/62399"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=62398"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=62398"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=62398"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}