Article 2(10) of the amended PSA 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 (excluding those listed in point (3) below) ("Point (i) Electronic Payment Instrument"); (2) Property value which can be mutually exchanged with what is set forth in point (1) above with unspecified persons acting as counterparties, and which can be transferred by means of an electronic data processing system (excluding those listed in point (3) below) ("Point (ii) Electronic Payment Instrument"); Specified trust beneficial interest ("Point (iii) Electronic Payment Instrument"); and (3) Those that are specified by Cabinet Office Order as being equivalent to those listed in the preceding (4) three points ("Point (iv) Electronic Payment Instrument") In order to be considered as a Point (i) Electronic Payment Instrument, a payment instrument needs to be a "property value which can be purchased from and sold to unspecified persons acting as counterparties." The category of Point (ii) Electronic Payment Instruments was created in order to prevent Point (i) Electronic Payment Instruments from circumventing the regulation, because even electronic payment instruments which cannot be purchased from and sold to unspecified persons acting as counterparties will have equivalent economic functions as Point (i) Electronic Payment Instruments if they are mutually exchangeable with Point (i) Electronic Payment Instruments. A "specified trust beneficial interest" means a "beneficial interest of entrustment of money (limited to those which are indicated on property value (limited to those which are recorded on an electronic device or any other object by electronic means) that can be transferred using an electronic data processing system) where the trustee manages the entire amount of money received under the trust contract as deposits and savings, and which satisfies other requirements provided by Cabinet Office Order" (Article 2(9) of the Electronically Recorded Monetary Claims Act). As stated above, since the act of issuing and redeeming Digital-money Type stablecoins falls under the definition of exchange transactions (see 3(1) "Funds Transfer Service" below), only banks and Funds Transfer Service Providers are allowed to do so. However, under the amended PSA, it has become possible for specified trust companies (as defined in Article 2(27) of the amended PSA) to issue Digital-money Type stablecoins by utilizing the mechanism of exchange transactions using specified trust beneficial interests (meaning specified trust exchange transaction as defined in Article 2(28) of the amended PSA), and to carry out exchange transactions using the same (Specified Funds Transfer Service as defined in Article 36-2(4) of the amended PSA). Since trust banks, etc. are allowed to carry out exchange transactions as banking services as a matter of course, they are allowed to issue Digital-money Type stablecoins using specified trust beneficial interests. In order to be considered as a Point (iv) Electronic Payment Instrument, a payment instrument that does not fall under Point (i),(ii) or (iii) Electronic Payment Instrument, must satisfy requirements provided by Cabinet Office Order. The category of Electronic Payment Instruments, etc. Business Operator has been added to the category of intermediation service providers that intermediate electronic payment instruments between the issuer and customers (Articles 2(12) and 62-3 of the amended PSA). In order to conduct an Electronic Payment Instruments, etc. Business, registration is required pursuant to PSA (Article 62-3 of the amended PSA). Electronic Payment Instruments, etc. Business is defined under PSA as follows. Under this Act, "Electronic Payment Instruments, etc. Business" means conducting any of the following 50
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