Japan's Financial Services Agency proposes reform plan for crypto assets and stablecoin system

Odaily News Yufu Shigeyuki, Director of the Planning and Market Bureau of the Financial Services Agency of Japan, today proposed a comprehensive institutional reform plan for crypto assets and stablecoins based on the discussions of the working group of the Financial Review Council last month. It is worth noting that the "Domestic Asset Holding Order" has been introduced for cryptocurrency exchange operators with the aim of strengthening the protection of user assets. In addition, as part of the new institutional reforms, the cryptocurrency trading intermediary business will be established as an independent business model. For stablecoins, the flexibility of trust-type supporting assets will also be promoted. The Financial Services Agency plans to concretize these reform plans in the future and formulate a "Partial Amendment Bill for the Trust Industry Act" and a "Partial Amendment Bill for the Funds Settlement Act". (Coinpost)