Jinse Finance reported that Japan adopted a legal framework for stablecoins in June 2022, which came into effect on Thursday. Stablecoins are required by law to be pegged to the Japanese yen or another fiat currency and to guarantee redemption to holders at face value. It also limits the issuance of stablecoins to licensed financial institutions such as registered banks, remittance agents and trust companies.

David Tawil, co-founder of crypto fund ProChain Capital, said the country’s steps to bridge the gap between TradFi and DeFi through this initiative will benefit everyone in the long run. In the United States, most depositors, whether individuals or businesses, are eligible for free domestic transfers. But Japan's initiative is the first step toward international frictionless, free remittance transfers.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

1 Likes