TechFlow News: On May 19, Japan’s Financial Services Agency (FSA) announced the revised Cabinet Office Ordinance on Electronic Payment Service Providers, clarifying that trust beneficiary rights established under foreign laws deemed equivalent to Japanese regulatory standards will be included within the definition of “electronic payment instruments” under Japan’s Act on Settlement of Funds. This provides a legal basis for the compliant circulation in Japan of trust-based stablecoins issued by specific foreign entities. The new regulation will take effect on June 1, 2026, and concurrently specifies that such foreign trust beneficiary rights shall not be treated as securities under Japan’s Financial Instruments and Exchange Act.
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