Japan To Recognize Foreign Stablecoins As Electronic Payment Instruments Star...
Japan’s key financial authority has expanded its framework to officially treat foreign trust‑issued stablecoins as electronic payment instruments instead of securities under domestic law. Related Reading: South Korea’s KB Financial Completes Stablecoin Pilot As Lawmakers Press For Regulatory Framework Foreign Stablecoins Recognized As Payment Instruments On Tuesday, Japan’s Financial Services Agency (FSA) announced amendments to […]
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The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd.
Law on Stablecoins Approved in Japan in Aftermath of UST Collapse
Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday.
With the new law, Japan....
What is even more interesting regarding these bills is how Bitcoin is now labeled as “asset-like values which can be used in making payments and digital transfers”. This means Bitcoin is well underway to be recognized as an official currency in Japan, although there is still a long road ahead. Bitcoin puts on many different hats, depending on which country it is related to. Some states see Bitcoin as a currency, others as a commodity, and most regions don’t even recognize Bitcoin at all. Things are moving in the direction of recognizing this disruptive technology as a currency with similar....
The BIS General Manager has said that existing stablecoins fall short of the requirements for a widely accepted and used payment instrument. Stablecoins Remain A “Niche” Payment Instrument Pablo Hernández de Cos, General Manager at the Bank for International Settlements (BIS), spoke on the topic of stablecoins at a Bank of Japan seminar in Tokyo […]
The US Commodity Futures Trading Commission (CFTC) has amended a recent staff advisory to recognize payment stablecoins issued by national trust banks as eligible margin collateral. This move forms part of a broader regulatory initiative by the Commission on digital asset integration in line with US President Donald Trump’s pro-crypto agenda. Related Reading: US Treasury […]
While the greenback has been rising higher, the Japanese yen tapped a 24-year low and Japan decided to intervene in foreign exchange markets (forex) for the first time since 1998. Reports say the Bank of Japan conducted the first forex intervention in 24 years, after the Japanese central bank kept its benchmark bank rate suppressed for quite some time. Following the intervention, the yen rallied as the U.S. dollar took a steep dive against the Japanese yen during Thursday’s trading sessions. However, the greenback has stepped back up to the plate and the yen’s recent gains....