The Japanese Cabinet Office Ordinance will be amended this fall and Japanese trust banks will have the authority to store and manage cryptocurrencies.
Financial Services Agency (FSA)after a 1-month opinion poll for this change in the fall of this year expected to enter into force.
in japan storing and managing crypto assets authority only to trust companies given. made in the regulation of the prefecture (first level administrative divisions of Japan) change by trust banks manage individual operations. After the authorities approve the regulations, the trust banks storage and management will have licenses.
Trust banks are a special type of banking in which the trusts holding the assets of their customers and the assets in the trust can be transferred between accounts. Contrary to classical banking activities, trust banks assume the role of trustee.
Also revised to regulate stablecoins Fund Settlement Law With the entry into force, banks fund management companies and trusts to Japanese Yen will be able to issue stablecoins based on
This regulation revision of Japan paves the way for many innovations. Mitsubishi UFJ Trust and Banking is a platform where the issuance and trading of cryptocurrencies based on blockchain technologies can be carried out. Progmat and an accompanying wallet is developing. Companies using Progmat digital asset exportation with stablecoins tied to the Japanese Yen payment they will be able to do.