일본 자금결제법의 스테이블코인 입법 현황

Among virtual assets, cryptocurrencies struggle to function as currencies due to their high price volatility. On the other hand, fiat-collateralized stablecoins, pegged to fiat currencies(ex. at a price of $1 per coin), exhibit minimal price fluctuations. Therefore, they are attracting attention as privately issued digital currencies that function as quasi-monetary instruments. A stablecoin is a token issued on a blockchain designed to stabilize the value of a specific asset, utilizing distributed ledger technology to link its value to fiat currencies or fiat-denominated assets. The following types of stablecoins exist: First, fiat-collateralized stablecoins are issued with a single fiat currency, such as the US dollar, as collateral. Second, basket-currency stablecoins are issued with multiple fiat currencies or other financial assets as collateral. Third, cryptoasset-collateralized stablecoins are issued with cryptoassets as collateral. Fourth, algorithmic stablecoins attempt to maintain value linkage with fiat currencies through a supply-demand adjustment mechanism implemented on the blockchain, without the need for fiat currencies or other collateral. Stablecoins can be categorized into three categories: ① cryptoassets, ② prepaid payment instruments, and ③ foreign exchange transactions, depending on their function. According to the Japanese revised Payment Services Act(PSA), which regulates fund remittance and settlement, which Japanese Financial Services Agency will regulate in June 2022, stablecoins are categorized into ‘digital currency’ based on fiat currencies and ‘cryptoasset’ based on cryptoassets, depending on how their value is maintained. Among them, digital currency types are further classified into four categories: Type 1: property value that can be traded by an unspecified person; Type 2: property value that can be exchanged for Type 1; Type 3: beneficiaries of a specified monetary trust; and Type 4: those separately designated by the Financial Services Agency. Japanese revised Payment Services Act is the first law in Japan to regulate stablecoins. It regulates ‘digital currency’ stablecoins issued at a price pegged to legal tender and clearly distinguishes the roles of stablecoin issuers and intermediaries. Stablecoins issued at a price pegged to the value of legal tender and redeemed for an amount equal to the issuance price are included as electronic payment methods.