Japan’s response to the Terra collapse sees a crackdown on stablecoins. The country’s parliament has passed a bill to ban stablecoin issuance by non-banking institutions. (Reporting via coindanslecoin)
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 Friday, Japan’s parliament passed a bill to ban stablecoin issuance by non-banking institutions, local news agency NikkeiThe 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 introduces a registration system for financial institutions to issue such digital assets and provides measures against money laundering.
According to the report, the bill aims to protect investors and the financial system from risks associated with the rapid adoption of stablecoins, which saw its market surging up to 20 trillion yen, or more than $150 billion. The new legal framework will reportedly take effect in 2023, with Japan’s Financial Services Agency planning to
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
FTX launches licensed crypto exchange service in JapanFour months after acquiring a Japanese licensed crypto exchange, FTX has launched FTX Japan to service customers in the country.
Weiterlesen »
FTX Launches in Japan as Others Tighten The ReinsSome crypto companies appear unfazed by the bear market and are even expanding, while others face contractions and staff layoffs.
Weiterlesen »
Japan passes stablecoin bill ensuring redemption at face value, Bloomberg saysGovernments are looking to protect stablecoin investors after TerraUSD’s implosion led to multibillion-dollar losses from an asset that had been touted as safe.
Weiterlesen »
Japan Passes Landmark Stablecoin Bill For Investor Protection: ReportJapan emerges as one of the first mover nation to protect investors by passing a law for stablecoins, according to a report. The law though comes into effect in a year. By amitoj
Weiterlesen »
Crypto.com gets nod in Dubai and FTX launches in JapanPopular crypto exchanges Crypto.com and FTX will each expand to new countries as Crypto.com secures a crypto license in Dubai, and FTX launches its service in Japan.
Weiterlesen »
Japan passes stablecoin bill ensuring redemption at face value, Bloomberg saysGovernments are looking to protect stablecoin investors after TerraUSD’s implosion led to multibillion-dollar losses from an asset that had been touted as safe.
Weiterlesen »