Texas Financial Watchdog May Recognize Stablecoins as Money for Licensing Purposes

The Texas Department of Banking could consider stablecoins as money, making them and exchanges that deal with them subject to a number of Texas laws and license requirements, according to a Supervisory Memorandum published on Jan. 2.

Supervisory Memorandum – 1037, which published by the financial watchdog examines the regulatory treatment of digital currencies under the Texas Money Services Act and addresses current trends in the field, including the introduction of stablecoins to the market. Stablecoins are a kind of centralized cryptocurrency backed by the issuer with conventional currency, precious metals and sometimes algorithms.

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