Stablecoin rules among topics discussed during Janet Yellen’s meeting with Japanese officials
US Treasury Secretary Janet Yellen met with Bank of Japan Governor Haruhiko Kuroda to discuss several multilateral financial regulatory issues, including Stablecoin and Reuters. report..
According to the report, the Secretary of the Treasury also met with Japan’s Minister of Finance Shunichi Suzuki to discuss the home currencies of both countries.
The US dollar has recently faced rising inflation, and the Japanese yen has been trading at a low against the dollar for over 20 years.
Meanwhile, Secretary Yellen met With Junichi Nakajima, Commissioner of the Financial Services Agency of Japan.
The conference focused on several issues, including “sustainable finance, crypto assets, stablecoin”.
Top executives confirmed that the US Treasury and Japan’s FSA will continue to cooperate bilaterally and internationally.
Yellen working on stablecoin regulation
Since taking office, Yellen has consistently called for stablecoin regulations.
Recent events, such as the collapse of Terra’s UST, have strengthened her determination to ensure proper surveillance of this space.
At a meeting of the President’s Working Group on Financial Markets, she Emphasis “There is an urgent need to ensure that the Stablecoin arrangement is consistently and comprehensively covered by the federal framework.”
Read by US Treasury report Yellen created a regulatory framework for Stablecoin and noted the importance of legislative efforts to “address current and future risks.”
When she appeared before the Senate Bank, Housing and Urban Affairs Commission in May, Yellen also mentioned the urgent need to establish a regulatory framework for Stablecoin.
Inside her testimony“This is a fast-growing product, showing the risk of financial stability and the need for an appropriate framework,” she said with Terra USD.
Cryptographic company with Russian links
In another development, the U.S. government Prompted Japan is to ensure that crypto companies operating in the country break their ties with Russia.
The US government specifically stated that Japan should close companies operating in the Irkutsk region of Siberia.
According to the US government, the move is to prevent Russia from evading sanctions through these companies.
