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    Home » Japan Passes Bill to Regulate Stablecoins After TerraUSD’s Collapse
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    Japan Passes Bill to Regulate Stablecoins After TerraUSD’s Collapse

    June 3, 20221 Min Read
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    Japan become one of the first major economies to establish a legal framework around stablecoins after the collapse of the TerraUSD token last month.

    • Japan’s parliament passed a bill that clarified the legal status of stablecoins, categorizing them as digital money.
    • Stablecoins must be linked to the yen or another legal tender and ascertain holders the right to redeem them at face value.
    • The legal clarification effectively means stablecoins can only be issued by registered money transfer entities, licensed banks, and trust firms. 
    • Meanwhile, the law does not address existing asset-backed stablecoins from foreign issuers like Tether.

    Governments across the world are rushing to come up with regulatory guidelines around stablecoins after TerraUSD’s crash led to multibillion-dollar losses from a safe asset.

    USTUSD down -0.02%, BTCUSD down -2.74%

    Source: Bloomberg

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