Japan adopts stablecoin law

The Japanese Parliament passed a bill that recognized stablecoins as digital money. Bloomberg writes about it.

According to the document, "stablecoins" should be pegged to the yen or other legal tender and guarantee owners the right to redeem them at face value.

This interpretation means that only licensed banks, money transfer providers and trust companies can act as issuers of stablecoins.

The law will enter into force in the summer of 2023.

The Japan Financial Services Agency has promised to develop rules for stablecoin issuers.

Recall that currently the relevantfuture regulatory requirements, stablecoin projects are being prepared by Mitsubishi UFJ Financial Group and Sumitomo Mitsui Trust. Similar plans were also reported by the USDC co-issuer Circle.

Earlier, the UK Treasury announced plans to legalize stablecoins. This move is intended to designate the country as a digital asset-friendly jurisdiction.

Later, FCA Executive Director Sarah Pritchard called for the collapse of TerraUSD to be taken into account in the course of work on the regulatory framework for the industry.