- MUFG is completing Japan’s first fully regulated stubcoin built on the Progmat Coin platform.
- Japanese regulators plan to legally recognize crypto assets such as Bitcoin as financial products.
Mitsubishi UFJ Trust and Banking Corporation (MUFG) is preparing to create history in Japan’s digital finance world. The nation’s largest trust bank is in its final stages before officially launching its first stubcoin, which is fully compliant with local regulations.
Stablecoin is fixed in Japanese Yen (JPY) and is built on the Progmat Coin platform, a digital infrastructure system specially designed to allow licensed financial institutions to issue and manage stubcoins safely and legally.
Since the Japanese government updated its Payment Services Act in mid-2023, the gap between traditional banks entering the Stablecoin market has been widespread. MUFG immediately stepped on the gas.
They realized that moments like this would never come again. Through its trust license, MUFG has now become a pioneer who paves the way for banks and other institutions to issue not only digital tokens but also the stupid and stupidity, the legally protected fiat currency.
Japan moves to give Bitcoin full legal recognition
Meanwhile, the CNF previously reported that Japanese authorities, in this case the Japanese Financial Services Agency (FSA), are currently working on revising the Financial Products and Exchange Act. The goal is clear. It’s about giving crypto assets like Bitcoin a complete legal recognition.
It can now be seen as merely a digital speculation tool as a legal financial instrument such as stocks and bonds. Imagine if Bitcoin was in the same category as government bonds. Yes, regulations will be stricter, but public trust will also be boosted.
Additionally, the FSA also proposed to split digital assets into two categories. The first type covers tokens used in project funding, while the second type includes decentralized crypto assets such as Bitcoin and Ethereum.
This move is not a bit of a story. Japan seems to want to ensure that its approach to the crypto world is more organized, transparent and in line with global trends.
MUFG teams up to streamline cross-border crypto settlements
Interestingly, MUFG is not alone. They also partner with many strategic partners, including Bitbank, SBI Holdings, and GMO Aozora Net Bank.
There are even plans for international cooperation, especially with developing countries, and there are plans to use the stubcoin in cross-border trading settlements. the goal? Avoid the high costs and slow processes of traditional banking systems. Have you ever waited three days for an international transfer? Well, Mufg wants to reduce that to a few seconds.
On the other hand, there is also RemixPoint, an energy consulting company that is currently being discussed widely from the private industry. In February, the company increased its crypto holdings by more than 8,000% in nine months.
That amount was almost 10 billion yen. They use crypto as a hedge against depreciation of yen. Not only that, RemixPoint is also beginning to operate in digital currency trading.
If they’ve only talked about electricity and energy in the past, now they’re talking about blockchain and volatility. Judging from all these steps, Japan is reorganizing its image in the world’s crypto space.
