Financial Services Agency Requests Exemption from Submission of Tax Documents for Trust-Based Stablecoins in Fiscal 2027 Tax Reform

The Financial Services Agency published its requests for the fiscal 2027 tax reform on August 31. It is advocating for an exemption from the submission of tax documents when the beneficiary of trust-based stablecoins, also known as specific trust benefits, changes. The reason provided is that the nature of these payment instruments, which are frequently transacted, prevents trustees from consistently tracking the names of holders and any changes. This request is the only item included under the 'Promotion of Financial Innovation' section.