Japan Passes Bill That Defines Stablecoins As Digital Assets

  • Just today, the Japanese government passed a bill that defines stablecoins as digital assets and therefore demands them to be backed by the Japanese yen or another legal tender.
  • In practice, it means that stablecoins in Japan can now only be issued by licensed banks, trust companies, and registered money transfer agents.
  • Thus, the land of the rising sun will become one of the first major global economies to introduce a legislative framework around stablecoins and basically define them as digital assets.

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