Cryptographic regulations do not cover stablecoins, as the Japanese Financial Services Agency (FSA) considers it incorrect to regard them as cryptocurrency, reports Bitcoin.com.
Current legislation can be applied only to digital currencies, which are used as a means of payment. Stablecoins do not comply with legislation. Therefore, they do not fall under its influence and are not taxed.
Stablecoins are not the only virtual currency that is ignored by Japanese legislation and is not perceived as a full cryptocurrency. But despite this, digital currency that is associated with fiat is subject to the law. Operators of cryptocurrency exchanges that deal with such currency are required to register with FSA.
We would like to remind you
Subscribe to The Coin Shark news in Facebook: https://www.facebook.com/coinshark/