Financial Services Agency to Regulate 'Intermediary Services' for Stablecoins and Crypto Assets, Seeks Public Comments

On December 16, following amendments to the Funds Settlement Act in the seventh year of Reiwa, the Financial Services Agency outlined its plan to incorporate 'service intermediation' related to stablecoins and crypto assets into the financial regulatory framework. Concurrently, the agency published related draft ordinances and initiated a call for public comments, which will be open until noon on January 19, 2026. At this stage of system design, the Financial Services Agency intends to finalize the content of the system based on feedback from market participants and businesses. After the public comment period concludes, the necessary procedures will be followed for promulgation and implementation. The published draft ordinance specifies that businesses not directly involved in transactions...