Emily Parker is CoinDesk's executive director of global content. She was member of the State Department's Policy Planning Staff, a writer/editor at The Wall Street Journal and editor at New York Times. She is author of 'Now I Know Who my Comrades Are: Voices from the Internet Underground' (FSG). She speaks Chinese, Japanese, French and Spanish.
in June. Japan’s example is important because it shows that stablecoin regulation is indeed possible. This would seem obvious, but it’s not. In the United States, for example, Congress is stillover this issue and no stablecoin bill has made it into law. The European Union’s stablecoin regulations take hold next year, but
Japan’s stablecoin regulations attempt to address some of the biggest fears about major stablecoins: Do issuers really have the assets to back them? And even if they do, how do you ensure that assets are easily accessible and not tied up in opaque and risky investments?These are not easy problems to solve, which means that launching a stablecoin in Japan will not be quick.
By partnering with Japanese trust banks, issuers can issue their own branded stablecoins without having to obtain a special license in Japan. But while this requirement might help ensure the security of assets, it can make it harder for stablecoin issuers to make money. “This poses a challenge for domestic yen-based stablecoins, as the interest rate for Japanese bank deposits is currently very low .”
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