Japan Passes Law On Stablecoin To Protect Crypto Investors, Bitcoin Falls

The House Of Councillors, the upper house of Japan’s parliament, The National Diet, on Friday passed a law clarifying the legal status of Stablecoins, surging ahead in an international race to construct safety nets around tokens whose peg to mainstream currencies underpins the broader cryptocurrency market, Financial Times reported.

Following last month’s shocking collapse of TerraUSD, which sparked a debate about whether the tokens should be regulated, banned, or left alone, Japan took action as part of a five-year commitment to protect consumers investing in cryptocurrencies.

Moreover, the bill has essentially defined Stablecoins as digital currencies, imposed a mandatory link with the Japanese Yen, and enshrined the right to redeem them at face value. 

In other news, KuCoin, a global cryptocurrency trading platform, has launched its new decentralised product — KuCoin Wallet. Its website has gone live since June 1, but its official App, KuCoin Wallet is expected to launch sometime later in the month, the company has said. 

“Open beta app testing is expected to become available in the coming days. The launch of KuCoin Wallet is a significant endeavour for the KuCoin ecosystem in its effort to expand Web 3.0 exploration,” KuCoin said in a statement.

KuCoin has further said that their Wallet is designed to be a secure and easy crypto wallet that supports multi-chain aggregation powered by the KuCoin ecosystem. In addition, it allows users to create a decentralised account for Web 3.0 in seconds, and send, receive, and store BTC, ETH, USDT, USDC, BNB, and more tokens in one place.

KuCoin CEO Johnny Lyu says: “As the gateway to the Web 3.0 network, crypto wallets are an important requirement for users to participate in the decentralised ecosystem. It is far more developed than being a mere tool to store digital assets. The launch of the official website of KuCoin Wallet is additional proof that shows the determination of KuCoin to enter the Web 3.0 field at a critical time, with our goals going beyond centralised trading services and entry into the decentralised world to extend its business further.”

That said, another global crypto exchange, Coinbase, which halted payments via unified payments interface (UPI) mode on its app in India in April, on June 3, 2022 announced to pause hirings for as long as the global macro-economic factors remained in place, IANS reported.

The company has also revoked accepted offers from some candidates who haven’t joined it yet.

“After assessing our business priorities, current headcount, and open roles, we have decided to pause hiring for as long as this macro environment requires,” LJ Brock, chief people officer at Coinbase, said in a statement.

Crypto Prices

The price of Bitcoin in the cryptocurrency market fell by 0.67 per cent in the last 24 hours, and it was trading at $29,845.99  at 4:00 pm IST.

According to Coinmarketcap.com, its dominance in the crypto market is currently at 46.41 per cent, up by 0.33 per cent in the last 24 hours.

In the last 24 hours, Ethereum (ETH) was trading at $1,764.02, and it was down by 3.59 per cent, while Binance Coin (BNB) decreased by 1.45 per cent during the same time period and was trading at $298.73. Solana (SOL) was down by 4.54 per cent to $38.67, while Cardano (ADA) was down by 3.69 per cent to $0.56.

Meme Coins

Dogecoin was trading at $0.08032 on Coinmarketcap.com at 4:30 pm, down by 0.29 per cent. Its rival, Shiba Inu, was down by 3.77 per cent, and it was trading at $0.00001058. Samoyedcoin was down by 1.37 per cent, and it was trading at $0.005544, while Dogelon Mars was down by 3.46 per cent, and it was trading at $0.0000004346.

Overall Scenario

According to Coinmarketcap.com, the global crypto market cap was at $1.23 trillion, a decrease of 0.29 per cent in the last 24 hours, while the total crypto market volume was $68.38 billion, an increase of 29.35 per cent.

Metacyber was the biggest gainer, gaining 363.41 per cent. It was trading at $0.0000008012 at 4:30 pm, according to Coinmarketcap. In contrast, Verlux witnessed the maximum loss and fell by 99.70 per cent. It was trading at $0.0003518.