The FSA assured that the stablecoins are not crypto

The Japanese agency indicated that, under the laws of its country, this asset can not be considered as a digital currency

The Financial Security Agency of Japan recently stated that stablecoins should not be considered as cryptocurrencies.

The Japanese agency indicated that, under the regulations of its country, this reference “does not fall under the category of ‘virtual currency’ under the law on payment services.”

The FSA allegedly grouped its cryptocurrency laws into two sections: in one are classified as payment methods and in the other are referred to as payment services.

On the other hand, the agency indicated that considering the official definition of stablecoin not “necessarily” it is required to suggest what the operators must “obtain or register before issuing a stablecoin”.

K. Tovar

Source: Coincrispy

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