Japan passes bill to limit stablecoin issuance to banks and trust companies

Japan passes bill to limit stablecoin issuance to banks and trust companies

The Japanese government is rushing to enforce new stablecoin laws in the aftermath of the Terra collapse. Japan is moving forward with legislation regarding the issuance of stablecoins i.e. digital assets with their value pegged to fiat currencies or stabilized by an algorithm. On June 3, Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions, local news agency Nikkei reported. The bill reportedly stipulates that the issuance of stablecoins is limited to licensed banks, registered money transfer agents and trust companies in Japan.The new legislation also....


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