Japan adopts law regulating stablecoins

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In Japan, they announced the adoption of a law on stablecoins to protect investors. According to the Asian press, the new base will not come into effect until 2023 at the earliest. The country’s parliament has been developing a regulatory framework for this class of virtual assets for several months, but the situation with the collapse of the TerraUSD (UST) project and the multimillion-dollar losses of depositors forced the government to make a decision much faster.

According to official information, the new bill brings clarity to the definition of stablecoins. They will receive the status of digital money and must be pegged to the Japanese yen or other legal tender, guaranteeing the owners the right to redeem at face value.

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