Japan's Stablecoin Regulation Tackles Major Issues
Adekunle Joshua
Stablecoins in Japan are now regulated
While other countries debate, Japan takes action
Initially, stablecoins were banned in Japan, but they are now permitted
Stablecoins are a big business with a global worth of over $124 billion
The challenge lies in making them both safe and profitable
Big companies, including Binance Japan, are planning to create new stablecoins under Japan's regulations
Certain companies can issue stablecoins, partnering with Japanese banks to comply with the rules
All funds backing a stablecoin must be held in Japanese banks, with low interest rates posing profitability challenges.
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