In the third leg of Japan’s legal reforms, algorithmic stable coins will be in the same category as Bitcoin.
The issuer will now be licensed, deem them banks, trust companies, or fund transfer service providers.
These steps are taken to curb AML and CFT.
The land of the rising sun, Japan, is now working on “Regulating the crypto asset landscape in Japan” they published a report by the same name. Discussing three eras of legal reforms that the country had undertaken. Stablecoin regulation is a major part of the report.
Japan’s FSA (Financial Services Authority) is planning on categorizing the algorithmic stablecoin in the same bracket as BITCOIN. The issuers of these stablecoins will now need licenses that deem them a bank, a trusted company, or a fund transfer service provider.
The report allows banks can now issue stable coins as deposits. And says that self-claimed stablecoins, like TerraUSD, will be categorized similarly to BTC and non-redemption stablecoins.
These leg
We współpracy z: https://www.thecoinrepublic.com/2023/01/07/algorithmic-stablecoins-and-bitcoin-in-the-same-category-japans-fsa/
