The Japanese government will help cryptocurrency owners

The Japanese government has passed a bill to regulate the turnover of stablecoins. This was done to protect the interests of traders and investors. The country became one of the first to grant stablecoins the status of a digital currency. From now on, their value is pegged to the yen, and coin holders have the right to exchange digital assets for fiat currency at any time.

It is important to note that only licensed banks, registered payment operators, and trust companies in Japan will be able to deal with stablecoins. The law will not apply to stablecoins issued by foreign issuers (such as Tether and its analogues).

Japanese politicians are not the only ones who want to control stablecoins legally, a day earlier the UK Treasury proposed additional protection measures in the crypto industry. This is all because of the recent LUNA collapse, which cast a shadow over the whole of South Korea and jeopardized the finances of millions of investors.