Japan recognizes stablecoins as digital money
In order to protect investors, after the collapse of the Terra project, the Japanese authorities decided to give stablecoins legal status.
On Friday, the media reported that stablecoins in Japan are now digital money. Their legal status will be legal, and the stablecoins themselves will be pegged to the local yen or other legal tender.
The law will come into force in 2023. From now on, only financial institutions officially registered in Japan will be able to issue stablecoins. This law makes it difficult for foreign issuers of stable coins to access the country's cryptocurrency market.
It is not yet clear whether there will be a complete ban on cryptocurrencies such as USDT or LUNA. However, Japanese exchanges, according to analysts, have so far refrained from listing stablecoins. But, given the clear and understandable regulation in this state, many companies are interested in the local cryptocurrency market.
For example, on June 2, representatives of the FTX cryptocurrency exchange announced their expansion to the Japanese market. The FTX Japan platform will offer Japanese users spot trading and perpetual trades with yen deposits.
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