Japan's Ruling Party Proposes Yen Stablecoins for Asia Settlements, Crypto ETF Framework on Monday

According to Reuters, Japan's Liberal Democratic Party blockchain promotion group submitted a proposal to Finance Minister Katayama on Monday to promote yen-denominated stablecoins for settlement in Asia and establish a legal framework allowing crypto ETF trading. The proposal aims to provide investors with accessible investment options through crypto ETFs and positions them as formal investment instruments in financial markets. The party plans to promote the yen stablecoin initiative during Asia Development Bank's annual conference next May. Japan's three major banks have already launched a joint stablecoin issuance pilot under financial authority support.
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