MUFG Nears Launch of Japan’s First Fully Legal Stablecoin
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MUFG is finalizing Japan’s first fully regulated stablecoin built on the Progmat Coin platform. Japanese regulators plan to legally recognize crypto assets like Bitcoin as financial products. Mitsubishi UFJ Trust and Banking Corporation (MUFG) is preparing to make history in Japan’s digital finance world. The country’s largest trust bank has now entered the final phase before officially launching the first stablecoin that fully complies with local regulations. The stablecoin will be pegged to the Japanese yen (JPY) and built on the Progmat Coin platform, a digital infrastructure system specifically designed to allow licensed financial institutions to issue and manage stablecoins safely and legally. Since the Japanese government updated the Payment Services Act in mid-2023, the gap for traditional banks to enter the stablecoin market has been wide open. MUFG immediately stepped on the gas. They realized that a moment like this would not come twice. Through its trust license, MUFG has become a pioneer that is now paving the way for banks and other institutions to issue stablecoins that are not just digital tokens, but legal tender protected by law. Japan Moves to Give Bitcoin Full Legal Recognition On the other hand, CNF previously reported that the Japanese authorities, in this case the Japan Financial Services Agency (FSA), are currently working on a revision to the Financial Instruments and Exchange Act. The goal is clear: to give full legal recognition to crypto assets like Bitcoin. No longer seen as mere digital speculation instruments, but as legal financial products—like stocks or bonds. Just imagine if Bitcoin were in the same category as government bonds. Regulations would be tighter, yes, but public trust would also be boosted. Furthermore, the FSA has also just proposed that digital assets be divided into two categories. The first type is intended for tokens used in project…
Filed under: News - @ April 13, 2025 9:11 am