MUFG has been quick to embrace a change in Japanese law around stablecoins.
On June 1, a new bill came into effect, setting a governing code around stablecoins – which are a form of cryptocurrency typically backed by a reserve asset.
The bill, passed into law a year earlier, requires that stablecoins be pegged to the yen or other legal tender, with guaranteed redemption to the holder at face value, and that they can only be issued by banks and trust companies.
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