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This week Tokyo correspondent Leo Lewis highlights a precedent-setting crypto industry regulation passed earlier this month that could have an even larger impact on the future of stablecoins than Luna (RIP). Plus, we have an update on Klarna’s fundraising efforts and an interview with the CEO of a company taking on excessive costs in currency markets.
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Japan forges ahead on stablecoin regulation as cryptomarkets fall
Earlier this month, Japan became the first major economy to impose formal regulation on stablecoins, setting a global precedent while most market observers were preoccupied with the broader crypto meltdown.
The stablecoin bill breezed through the upper house of parliament on June 3. The law legally defines stablecoins — which help underpin the wider realm of cryptocurrency by providing a peg to fiat currencies — as digital currencies and requires that the coins maintain a fixed peg to the yen.
The law also guarantees investors the right to redeem stablecoins at face value, which it aims to do by limiting the…