HashPort is pleased to announce that our representative Seihaku Yoshida was appointed as the secretary of the Stablecoin Subcommittee of the Japan Cryptocurrency Business Association (referred to as “JCBA”) on July 8, 2020.
The first session was held as follows.
The First Session
[Date] July 8, 2020
[Place] Held online
We shared information about the background of the subcommittee. Mr. Yosuke Shiraishi, CTO of DeCurret Inc. has been appointed as the chairman of the subcommittee.
Mr. Ken Kawai of Anderson Mori & Tomotsune LPC explained the current status of Stablecoins.
We had a discussion about the purpose of this subcommittee, the activity plans, and the challenges.
(From JCBA website Stablecoin Subcommittee)
Background and Activity Policy
Stablecoins have the potential to be used as a digital payment instrument, partly because of their technical background and partly because of their price stability linked to the underlying assets. On the other hand, the definition of Stablecoin is not always clear and it is currently difficult to handle in Japan. JCBA will discuss the legal arrangement of Stablecoin and the determination of its asset quality from the business perspective, the trust in the price stability mechanism, user protection, and AML/CFT from various perspectives, in order to improve the business environment for crypto-asset-related businesses and to promote the development of the crypto-asset business in Japan. We hope to contribute to the healthy development of the company.
Stablecoin Subcommittee URL: https://cryptocurrency-association.org/subcommittee/stablecoin/