Market
Japan Passes Landmark Stablecoin Bill - Top Crypto Updates
Japan has passed a legal framework for stablecoins to protect investors. Other crypto updates include Bitcoin's price increase, a new Bitcoin mining moratorium in New York, and Binance's partnership with The Weeknd.
On this page
Key takeaways
- Japan's Parliament has passed a legal framework around stablecoins to provide a safety net for investors.
- Stablecoins will be considered as digital money and must be linked to the yen or another legal tender, guaranteeing holders the right to redeem them at face value.
- Bitcoin is currently trading at $30,362.81, an increase of 1.5% over the previous day.
- The New York State Senate passed a bill targeting proof-of-work (PoW) mining to address environmental concerns.
- Crypto exchange Binance will sponsor musician The Weeknd’s upcoming world tour, featuring NFT initiatives and a $2M donation.
Japan passes landmark Stablecoin Bill for investor protection
Japan's Parliament has passed a legal framework around stablecoins. It aims to provide a safety net for investors in the wake of last month's TerraUSD collapse that resulted in multi-billion losses. Stablecoins will be considered as digital money and must be linked to the yen or another legal tender, guaranteeing holders the right to redeem them at face value.
Crypto prices today: Bitcoin up 1.5%, ETH down 0.4%
Bitcoin is currently trading at $30,362.81, an increase of 1.5% over the previous day. Ethereum fell 0.4% over the last 24 hours to $1,813.5. Solana rose 2.7% to $40.55, while Cardano rose 2.4% at $0.584. Avalanche (AVAX) rose 2.5% to $24.05. The global crypto market cap stands at $1.25 trillion, a 1.46% increase over the previous day.
New York Senate passes Bitcoin mining moratorium
The New York State Senate passed a bill targeting proof-of-work (PoW) mining early to address some of the environmental concerns surrounding cryptos. The bill will impose a two-year moratorium on any new PoW mining projects powered by carbon-based fuel in the Empire State. Existing mining firms or ones currently undergoing the permit renewal process will be allowed to continue operations.
Binance, The Weeknd launch ‘crypto-powered’ world tour
Crypto exchange Binance will sponsor musician The Weeknd’s upcoming world tour. The partnership will feature multiple non-fungible token (NFT) initiatives and a $2M donation to the artist’s XO Humanitarian Fund. Binance claims it will be the first global concert tour to tap Web3 tech for fan experiences.
Bitstamp launches Earn product for ETH, Algorand in US
Crypto exchange Bitstamp has launched the Bitstamp Earn product to American investors. The product is meant to be a turn-key Ethereum (ETH) and Algogand (ALGO) staking solution. Investors fund their Bistamp accounts and then collect staking rewards. Bitstamp takes a fee on the yield customers earn.
Frequently asked questions
What is the purpose of Japan's new Stablecoin Bill?
Japan's new Stablecoin Bill aims to provide a safety net for investors in the wake of last month's TerraUSD collapse that resulted in multi-billion losses.
What are the requirements for stablecoins under Japan's new law?
Under Japan's new law, stablecoins will be considered as digital money and must be linked to the yen or another legal tender, guaranteeing holders the right to redeem them at face value.
What is the New York Senate's new bill regarding Bitcoin mining?
The New York State Senate passed a bill that will impose a two-year moratorium on any new PoW mining projects powered by carbon-based fuel in the Empire State.
What is the partnership between Binance and The Weeknd?
Binance will sponsor musician The Weeknd’s upcoming world tour, which will feature multiple non-fungible token (NFT) initiatives and a $2M donation to the artist’s XO Humanitarian Fund.
Written by
Cherian VargheseRelated reads
Risky Day for NIFTY. High Speculation in Options! - Pre-Market Analysis Report
NIFTY closed at 25,052 yesterday. Today's market expects a flat to gap-down opening with high speculation in NIFTY options. Get key support and resistance levels.
Global Markets Calm. FOMC Meeting Minutes Tonight! - Pre-Market Analysis Report
NIFTY closed up 0.13% yesterday; global markets are green. Today's flat opening expected. Key NIFTY/BANKNIFTY levels and FOMC minutes await.
NIFTY and BANKNIFTY Expiry Today! Will Bears Attack? - Pre-Market Analysis Report
Get the pre-market analysis report for NIFTY and BANKNIFTY expiry today, including key support/resistance levels and market expectations.
Join 2.4M+ Indians · Free · 2 min