The plenary session of the Japanese Senate passed amendments to the Funds Settlement Act on the 3rd, making it official law. The law regulates operators of digital currency “stablecoins” that are linked to fiat currencies to stabilize their value. This move aims to clarify the legal positioning of stablecoins and protect users through the supervision of the Financial Services Agency.
This legal definition effectively means that stablecoins can only be issued by licensed banks, registered transfer agents and trust companies. The collapse of the dollar-pegged TerrasUSD stablecoin last month brought the cryptocurrency into the global spotlight, with governments around the world racing to build guardrails for the stablecoin in the wake of the TerraUSD crash. Data compiled by CoinGecko shows the total market capitalization of such tokens is about $161 billion, with the largest including Tether, USD Coin and Binance USD, among others.
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