Japan passes stablecoins bill

The Parliament of Japan passed a law that aims to clarify the legal status of stablecoins, now naming them as digital money.

This proposal plans to go beyond any measure previously established in any country in the world, in terms of protecting stablecoin investors.

It should be remembered that stablecoins can only be issued by licensed banks, registered money transfer agents and trust companies, as established by new regulations in Japan.

The new legal framework will be implemented in a year. The Japan Financial Services Agency stated that it will establish regulations governing stablecoin issuers in the coming months.

This project is the first to guarantee exchange right protection for stablecoin investors. It is hoped that this will be a starting point for other countries.

K. Tovar

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Source: Diariobitcoin