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Japan has passed a measure that classifies stablecoins as digital money which can only be issued by registered financial firms.
Source: Bloomberg
USDT is up 0.02%, while USDC is up 0.03%.
A bill passed by parliament defined stablecoins as digital money that can only be released by duly registered banks, money transfer agents, and trust companies.
The measure will be in effect after a year, with regulations involving the governance of stablecoin issuers expected in the coming months, according to the Financial Services Agency.
The measure did not indicate any impact on asset-backed stablecoins released by issuers outside Japan, such as Tether or their algorithmic counterparts.
The measure comes as Japanese cryptocurrency exchanges do not list stablecoins.
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