Svmuu reported that Japan's ruling Liberal Democratic Party has submitted a proposal to the Minister of Finance, recommending the establishment of a supporting legal framework to officially open cryptocurrency ETF trading, while also promoting the widespread adoption of yen-pegged stablecoins.
Japan previously passed relevant legal amendments in April, formally classifying crypto assets as financial products. With the launch of crypto ETFs, local investors can conveniently gain exposure to the crypto market without needing to directly hold the underlying assets. The global stablecoin market currently stands at $315 billion, dominated by USD-pegged stablecoins. Japan's push for a yen stablecoin also aims to mitigate the influence of the dollar system. Research, development, and promotion efforts for a yen stablecoin are already underway.