Japan's Financial Services Agency Proposes Comprehensive Reforms for Crypto Assets and Stablecoins

According to Odaily, Yufu Shigeyuki, Director of the Planning and Market Bureau of Japan's Financial Services Agency, has proposed a comprehensive reform plan for crypto assets and stablecoins. This proposal follows discussions from last month's Financial System Council working group. A notable aspect of the reform is the introduction of a 'domestic asset holding order' for cryptocurrency exchange operators, aimed at enhancing the protection of user assets. Additionally, the reform will establish cryptocurrency brokerage services as an independent business model. For stablecoins, the plan includes promoting flexibility in trust-backed asset adjustments. The Financial Services Agency intends to further detail these reforms by drafting amendments to the Trust Business Act and the Payment Services Act in the future.