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12/6/2021, 7:49 PM (Source: TeleTrader)
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Japan to adopt tougher rules for stablecoin issuers - report

The Japanese financial authorities plan to implement stricter criteria in order to cut down the number of institutions allowed to issue a so-called stablecoin, Nikkei reported on Monday.

Japan's Financial Services Agency intends to propose the changes after which only "banks and wire transfer companies" will be allowed to issue stablecoins in 2022, the report explained.

As opposed to other cryptocurrencies, stablecoins are typically backed by a fiat currency, as a way to prevent excessive market volatility.

Baha Breaking the News (BBN) / BU