Trust banks in Japan will be able to manage crypto assets

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Financial Services Agency (FSA) Japan plans to allow local trust banks to store and manage digital assets. Amendments to the law could be made as early as the fall.

Currently only specialCustodial and trust companies in Japan have the right to hold digital assets. However, officials see trends toward increased use of cryptocurrencies and equity tokens, which are often tied to securities or real estate. Therefore, the regulator needs to respond.

When the amendments are adopted, trust banksit will be necessary to prove to the regulator the ability to safely store and manage digital assets. To do this, you will need to undergo an audit by the authorities and ensure procedures to combat money laundering and terrorist financing.

Thus, the Japanese bank Mitsubishi UFJ Trustis developing a platform called Progmat that will allow the issuance and trading of digital assets. That is, tokenize real assets, as well as make payments in stablecoins.

It was previously reported that in Japan there may beThe process of listing cryptocurrencies on crypto exchanges has been simplified - a special commission led by Prime Minister Fumio Kishida criticized the current system of listing digital assets in the country.