The TerraUSD (UST) debacle is forcing major economies around the world to prepare legislation. Important news came from Japan. Japan is poised to become the first country to pass a law on cryptocurrencies and stablecoins.
Japan recognizes stablecoins as cryptocurrencies
On Friday, the Japanese parliament passed a stablecoin law recognizing stablecoins as cryptocurrencies. Also, only stablecoins backed by yen or other legal cash will be legally recognized. However, asset-based stablecoins and algorithmic stablecoins like Tether (USDT) are not included in the regulation. This mechanism was used on Terra UST and LUNA.
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