Proposed Legal and Regulatory Framework for Stablecoins

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On March 4,2022, the Financial Services Agency of Japan submitted a bill, amending the Payment Services Act and other laws relating to electronic payments, to the National Diet of Japan. The provisions under this amendment bill include a new regulatory framework for stablecoins overseas, and associated issues such as protection of users. If the bill is passed by the Diet, the new framework is likely to be introduced in 2023…

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