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Japan's Parliament Passes a Bill Concerning the Issuance of Stablecoins

Japan's Parliament Passes a Bill Concerning the Issuance of Stablecoins

Japan remains on track and presents new legislation concerning the distribution of stablecoins.

According to the official announcement, on June 3, the Japanese parliament enacted legislation prohibiting non-banking organizations from issuing stablecoins.

On top of that, only licensed banks, trust firms in Japan, and registered money transfer agencies are permitted to issue stablecoins under the new regulation. The legislation also implies that it does not include asset-backed stablecoins issued by foreign entities such as Tether or algorithmic stablecoins.

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The bill will also supposedly present financial institutions with a new registration system that will distribute previously mentioned digital assets and additionally support the government in preventing money laundering.

Japan parliament's signed bill is expected to recognize stablecoins which are backed by Japanese yen or another legal tender as digital money.

The new law is expected to go into force in 2023. Moreover, Japan’s Financial Services Agency (FCA) is going to establish regulations that will concern the authorization of stablecoins. According to various experts, the regulatory framework might cause some implications for international firms to join the industry.

Interestingly enough, Japan’s initiative comes after a shocking collapse of TerraUSD that sparked a discussion about whether such tokens should be banned or regulated.

Earlier this year, the Congressional Research Service (CRS) shared a brief summary of UST stablecoins' colossal fall and outlined several significant points.

In other news, back in May, Tether announced that it would introduce a new Mexican peso-pegged stablecoin dubbed MXNT. This marks the token as the fourth fiat-pegged stablecoin in Tether’s roster, following euro-pegged EURT, dollar-pegged USDT, and the offshore Chinese yuan-pegged CNHT.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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