Stablecoins in Japan and China, India mulls crypto tax changes: Asia Express

Major Asian economies step on the stablecoin throttle, India’s reconsiders punitive crypto tax, and more.

Major Asian economies are accelerating their stablecoin initiatives, with notable moves from Japan and China over the past week.

Japans top financial regulator is reportedly preparing to approve the countrys first yen-pegged stablecoin within the year. The token, issued by fintech startup JPYC, will be backed by liquid assets such as government bonds. 

According to finance outlet Nikkei, JPYC is expected to register as a money-transfer business this month and aims to issue 1 trillion yen (about $6.81 billion) worth of stablecoins over the next three years.

Read more