Japanese firms can now issue stablecoins, after a long-awaited piece of legislation came into effect today.
The revised Payment Services Act was promulgated at midnight on June 1, 2023.
Under the terms of the act, all token-issuing firms must be able to prove they have the underlying assets that back their coins.
And only regulated banks, fund transfer service providers, trust companies, and other financial industry firms can issue these coins….
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