Article 2(5) of the amended PSA 23 Report of Working Group on Payments and Settlements of the Financial System Council (January 11, 2022) 22 FSB's "Final Report and High-level Recommendation - Regulation, Supervision, and Monitoring of Global Stablecoins" (October 2020) https://www.fsa.go.jp/singi/singi_kinyu/tosin/20220111/houkoku.pdf Crypto-assets are defined under PSA as follows. Article 2(5)(i) of PSA Property value (limited to that which is recorded on an electronic device or any other object by electronic means, and excluding Japanese currency, foreign currencies, and Currency-Denominated Assets) which can be used in relation to unspecified persons for the purpose of paying consideration for the purchase or leasing of goods or the receipt of services and can also be purchased from and sold to unspecified persons acting as counterparties, and which can be transferred by means of an electronic data processing system (Bitcoin, Ethereum and other cryptocurrencies fall under this definition). Article 2(5)(ii) of PSA Property value which can be mutually exchanged with what is set forth in the preceding section with unspecified persons acting as counterparties, and which can be transferred by means of an electronic data processing system, i.e., any property value which can be exchanged for crypto-assets constitutes a crypto-asset, even if it does not itself fall under the definition of a crypto-asset in point (i). are broadly classified based on the mechanism used to stabilize their value into those that are issued at a price linked to the value of a legal tender and promised to be redeemable at the same price as the issue price, and any equivalents thereof ("Digital-money Type"), and those that seek to stabilize their value by using algorithms other than Digital-money Type ("Crypto-asset Type")23. Under Japanese law, Crypto-asset Type stablecoins that fall under the definition of "crypto-assets" under PSA are regulated by the laws and regulations related to crypto-assets (See 2(1) i "Crypto-Assets Exchange Business" above). On the other hand, the act of issuing and redeeming Digital-money Type stablecoins is considered to fall under the definition of "exchange transactions" and requires a banking business license or a registration as a Funds Transfer Service (See 2(1)a "Funds Transfer Service" above). Under the amended PSA, which is scheduled to come into force in 2023, Digital-money Type stablecoins are defined as an "electronic payment instrument" (Article 2(5) of the amended PSA), and procedures for issuers thereof have been established and an "Electronic Payment Instruments, etc. Business" category has been created in order to regulate intermediaries. Electronic payment instruments are defined under PSA as follows. Under the said Act, "Electronic Payment Instrument" means: (1) Property value (limited to currency-denominated assets which are recorded on an electronic device or any other object by electronic means, and excluding: securities; electronically recorded monetary claims as defined in Article 2(1) of the Electronically Recorded Monetary Claims Act (Act No. 102 of 2007); prepaid payment instruments as defined in Article 3(1) of the PSA and such other instruments as specified by Cabinet Office Order as being similar to the foregoing (excluding those specified by Cabinet Office Order in light of their transferability or any other circumstances)(the same shall apply in point (2)) which can be used in relation to unspecified persons for the purpose of paying consideration for the purchase or lease of goods or the receipt Electronic Payment Instruments, etc. Business j. Though there is no clear definition, stablecoins generally refer to digital assets whose value is stabilized by being pegged to a specific asset using decentralized ledger technology (or a similar technology) 22. stablecoins 49
元のページ ../index.html#55