Japan Adopts Legislation Establishing Legal Framework for Stablecoins
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....
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According to Bloomberg, Japan’s parliament enacted a legislative framework surrounding stablecoins pegged to the yen or another fiat currency on Friday. This is a historic move. The bill makes it clear that stablecoins are digital money. They must be linked to a legal tender, like the yen, so that people can redeem them for their […]
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....
US federal regulators are set to review state regulations of stablecoins to “even out” rules across jurisdictions under the new federal regulatory framework for the sector, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. Related Reading: South Korea Set To Unveil New Stablecoins Framework In October State-Level Stablecoin Rules To Face Federal […]
Officials from India's Finance Ministry said any potential law on cryptocurrencies would likely come around the time the government submits the Union Budget of India in February. The Indian government may be looking into establishing a legal framework for crypto-based digital currencies as "assets" as early as February. According to a Tuesday report from Indian news outlet Business Today, officials with the country's Finance Ministry said the potential legal framework would treat cryptocurrencies closer to commodities than currencies. If this legislation comes to fruition, it would....
“If crypto technologies are going to be a big part of the future, then we, the U.K., want to be in — and in on the ground floor,” said Economic Secretary of the Treasury John Glen. The United Kingdom's Economic and Finance Ministry has said it intends to amend its existing regulatory framework to incorporate stablecoins used as a means of payment.In a Monday announcement, HM Treasury said certain stablecoins could potentially become “a widespread means of payment” for retail customers in the United Kingdom following a consultation with various organizations, universities and individuals....