Japans FSA-Gremium uneins über Stablecoin-Obergrenze von 1 Million Yen

Crypto News and Tradfi News - COINOTAG · 2026-11-02T18:13:50.000Z

• Japans FSA hielt am 2. November das zweite Treffen ihrer Studiengruppe für digitale Finanzwirtschaft zur Stablecoin-Obergrenze ab. • JPYC schätzt, dass eine Leistungsauszahlung von 5 Milliarden Yen unter der Obergrenze 5.000 separate Ausgaben erfordern würde. • SBI VC Trade meldete für Oktober kombinierte Kreditbestände in JPYSC und USDC von rund 10,7 Milliarden Yen. FSA-Gremium berät über Obergrenze von 1 Million Yen für Stablecoins Japans Finanzdienstleistungsbehörde (FSA) stellte am Montag die Obergrenze für die Ausgabe von Yen-Stablecoins zur Debatte und veröffentlichte Anhörungsunterlagen vom zweiten Treffen ihrer Studiengruppe für digitale und dezentrale Finanzwirtschaft. Im Mittelpunkt der Diskussion steht die Transaktionsobergrenze von 1 Million Yen für Unternehmen, die Geldtransfers der Kategorie 2 durchführen. Da inländische Emittenten elektronischer Zahlungsmittel der Kategorie 1 sich nach diesem Regelwerk registrieren müssen, gilt dieselbe Obergrenze bereits bei der Ausgabe. Für ausländische Zahlungsmittel wie USDC gilt für die Börsen, die sie abwickeln, eine entsprechende Transfergrenze von 1 Million Yen. Das Sekretariat der Behörde stellte die Obergrenze als Abwägung dar, die den Markteintritt für Geldtransferdienstleister erleichtert, und fragte die Gremiumsmitglieder, wie sie weiterentwickelt werden sollte. Die Sitzung knüpft an die Finanzstrategie der Regierung vom 21. Juli an, die On-Chain-Finanzgeschäfte auf die offizielle Agenda setzte und Stablecoin-Regelwerke zu den Prüfungszielen zählte. Das Papier des Sekretariats gliederte die Agenda in fünf Punkte: das geltende Regelwerk und Reservevermögen, die Transferobergrenze von 1 Million Yen, die Kreditvergabe, die Ausgabe von Stablecoins durch Einlageninstitute und tokenisierte Einlagen. Der Emittent JPYC erklärte dem Gremium, dass die Obergrenze bei der Ausgabe greife, nicht bei nachgelagerten Vorgängen. Transfers zwischen nicht gehosteten Wallets, die der Emittent nicht verwaltet, fallen nicht unter die Obergrenze. Wenn jedoch eine Gemeinde oder ein Unternehmen Gelder bündelt und in JPYC umwandelt, gilt dies als eine einzige Tauschtransaktion. Nach eigener Berechnung des Unternehmens würde die Auszahlung einer Leistung von 50.000 Yen an 100.000 Einwohner die Ausgabe von 5 Milliarden Yen in JPYC über 5.000 separate Ausgaben erfordern. In den eingereichten Unterlagen wird um Klarheit bei gebündelten Ausgaben gebeten, bei denen die Zuteilung an jede einzelne Person unter 1 Million Yen bleibt. Zudem wird vorgeschlagen, die Obergrenze abzuschaffen oder für Geschäftspartner wie den Staat, Gemeinden, Banken, Wertpapierfirmen und börsennotierte Unternehmen mit KYC-Prüfung einen separaten Rahmen zu schaffen – neben einer verstärkten Transaktionsüberwachung.

• Japan's FSA held its second digital finance study group meeting on the stablecoin cap on November 2.
• JPYC estimates a 5 billion yen benefit payout would require 5,000 separate issuances under the cap.
• SBI VC Trade reported combined JPYSC and USDC lending balances of about 10.7 billion yen in October.
FSA Panel Weighs 1 Million Yen Stablecoin Cap
Japan's Financial Services Agency put the cap that governs yen stablecoin issuance up for debate on Monday, releasing hearing materials from the second meeting of its study group on digital and decentralized finance. The discussion centers on the 1 million yen per-transaction limit attached to Type 2 funds transfer businesses. Because domestic issuers of Type 1 electronic payment instruments must register under that regime, the same ceiling applies at the minting stage, and foreign instruments such as USDC face an equivalent 1 million yen transfer limit for the exchanges that handle them. The agency's secretariat framed the cap as the trade-off that eases market entry for funds transfer operators and asked panel members how it should evolve. The session builds on the government's July 21 financial strategy, which put on-chain finance on the official agenda and named stablecoin frameworks among its review targets. The secretariat's paper organized the agenda into five points: the current regime and reserve assets, the 1 million yen transfer ceiling, lending, stablecoin issuance by deposit-taking institutions, and tokenized deposits. Issuer JPYC told the panel the ceiling binds at issuance, not downstream. Transfers between unhosted wallets, which the issuer does not manage, fall outside the cap, but a municipality or company that pools funding and converts it into JPYC counts as one exchange transaction. On the company's own calculation, paying a 50,000 yen benefit to 100,000 residents would mean minting 5 billion yen of JPYC across 5,000 separate issuances. Its submitted material asks for clarity on pooled issuance where each recipient's allocation stays under 1 million yen, and for cap removal or a separate lane for counterparties including the state, municipalities, banks, securities firms and KYC-verified listed corporations, alongside strengthened transaction monitoring.
Banks Warn of Digital Run Risk
SBI VC Trade, which handles dollar-denominated USDC and RLUSD alongside the yen-based JPYSC, laid out the practical cost of the ceiling in its own filing. JPYSC is issued as a trust-type Type 3 electronic payment instrument and carries no ceiling. The two dollar tokens face a 1 million yen transfer limit and measures that prevent holdings above that level, which the firm said leaves it unable to answer corporate demand for cross-border payments and large settlements. It asked the panel to scrap the transfer and holding caps and the redemption requirements for Type 4 electronic payment instruments, which among its listed tokens covers RLUSD, conditional on equivalence with the Japanese regime. Its lending disclosure gave the panel a measure of demand: customer lending balances across the two tokens stood at roughly 10.7 billion yen as of October, split between 7.65 billion yen in JPYSC and 3.06 billion yen in USDC. Because of the cap, USDC offerings are limited to 5,000 USDC per customer per raise. With no dedicated industry rules in place, the firm argued that lending oversight mirroring the crypto sector would give customers confidence. The Japanese Bankers Association pushed back from the other side. In its written submission, the association said removing or easing the cap while keeping the Type 2 framework intact should be examined with extreme caution. Type 2 operators must safeguard user funds within three business days of the final day of the calculation period, a window that can stretch past ten calendar days when it spans a weekend or holiday. If an operator relying on conventional deposit arrangements fails, users could wait at least 170 days to recover their money. The association also flagged the risk of a digital run, where redemption requests pile up within minutes on an instrument that transfers around the clock, alongside money-laundering exposure, and said high-value business belongs by default under the licensed Type 1 regime with additional supervision.
These are hearing documents for a study group, not draft amendments, and no revision has been decided. The filing trail still maps where a compromise could land. The secretariat confirmed lending has no comprehensive regulation today and flagged the deposit-taking rules of the Investment Business Act where electronic payment instruments qualify as money, alongside the open question of bank-issued stablecoins and tokenized deposits. Read against the two issuer submissions, the banking sector's objection is to the Type 1 and Type 2 boundary, not to stablecoins themselves, which points toward relief targeted at verified high-value counterparties before any broad cap removal. The next meeting's agenda will show whether issuance-stage relief is separated from transfer-stage limits.