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Japan has become one of the first major economies to introduce a legal framework around stablecoins, the cryptocurrencies thrust into the global spotlight by last month’s collapse of the TerraUSD token.

The parliament passed a bill on Friday that clarified the legal status of stablecoins, defining them essentially as digital money. Stablecoins must be linked to the yen or another legal tender and guarantee holders the right to redeem them at face value, according to the new law.

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