Terra and Luna Plunge... New York State Strengthens Stablecoin Regulation
[Asia Economy New York=Special Correspondent Joselgina] Regulatory authorities in New York State, USA, are strengthening supervision over stablecoin issuers.
On the 8th (local time), according to the US economic media CNBC, the New York State Department of Financial Services (DFS) announced new regulations requiring virtual currency operators issuing stablecoins to maintain reserves and undergo monthly audits.
This is interpreted as a measure following the recent collapse of the Korean stablecoin TerraUSD (UST) and its sister cryptocurrency Luna.
Under these regulations, stablecoin issuers must fully maintain reserves and be able to redeem them for investors. Additionally, coin issuers must receive monthly audits from independent certified public accountants and submit the results to the authorities.
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The regulations apply to companies holding New York State's virtual currency business license, the 'BitLicense.' UST is not subject to these regulations.
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