Japan’s parliament has passed a bill to regulate stablecoin cryptocurrencies. The “Bill to partially revise the Act on Fund Settlement to Build a Stable and Efficient Fund Settlement System” establishes stablecoins as digital money, and puts in safeguards which peg the stablecoin to a guaranteed face value return. Operationalising this regulation is the requirement that stablecoins only be issued by licenced banks, registered money transfer agents, and trust companies.
Originally proposed in 2021 by Japan’s Financial Services Agency (FSA), this legal framework will come into effect in 2023.
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