Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Japan's Stablecoin Regulations Pose Challenges for Issuers

Japan's Stablecoin Regulations Pose Challenges for Issuers

CointimeCointime2023/10/25 20:36
By:Cointime

Japan has taken the lead in regulating stablecoins, implementing a stablecoin law in June. The regulations aim to address concerns about the assets backing stablecoins and their accessibility. Only banks, trust companies, and fund transfer services are allowed to issue stablecoins in Japan, and stablecoin issuers must establish a trust within the country to hold the assets. However, the strict regulations have made it challenging for companies to issue yen-based stablecoins due to the low interest rate for Japanese bank deposits and high compliance costs.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Pro-crypto Pierre Poilievre leads Polymarket odds to become Canada's next prime minister, replacing Justin Trudeau

Users of the decentralized prediction platform Polymarket are giving 89% odds in favor of Pierre Poilievre becoming Canada’s next elected prime minister.The total trading volume on who will become Canada’s prime minister hit $412,095 on Monday, as Justin Trudeau tendered his resignation.

The Block2025/01/06 22:55