Japan Adopts Legislation Establishing Legal Framework for Stablecoins – Regulation Bitcoin News - BitcoinEthereumNews.com
Bitcoinजापान स्थिर सिक्कों के लिए कानूनी ढांचे की स्थापना करने वाले विधान को अपनाता है - विनियमन बिटकॉइन समाचार06 / 03 / 2022बिटकॉइन एथेरियम समाचार The parliament of Japan has approved a draft law tailored to regulate stablecoins in the country and protect investors. The new legislation is among the first to be introduced after the recent collapse of the algorithmic stablecoin terrausd. Law on Stablecoins Approved in Japan in Aftermath of UST Collapse Lawmakers in Japan have passed a bill designed to determine the legal status of stablecoins. The authors of the legislation have effectively defined these cryptocurrencies as digital money, Bloomberg reported following the vote on Friday. With the new law, Japan becomes one of the first major economies to develop such a framework after last months संक्षिप्त करें of the terrausd (UST) stablecoin and its sister cryptocurrency terra (LUNA). The development caused a major market slump and loss of confidence in stablecoins. According to the provisions approved by the legislators, stablecoins must be pegged to the Japanese yen or another legal tender and guarantee holders the right to redeem them at face value. Only licensed banks, registered money transfer agents, and trust companies will be able to issue them in Japan. An example