#日本金融厅发布链上金融纪要
【Old Leek Watch】Japan’s Financial Services Agency releases minutes from on-chain finance meeting: stablecoins, DeFi, and real-world asset tokenization enter regulatory spotlight
On October 19, Japan’s Financial Services Agency released the minutes of the first meeting of its “On-Chain Finance Forum in the AI Era.” What’s worth noting is not that Japan is suddenly opening up crypto trading, but that regulators are studying how existing financial rules should adapt as more financial products and transactions move onto blockchains.
There are three areas worth watching.
First, stablecoins. Stablecoins are not just trading tools on exchanges; they could also become infrastructure for on-chain payments, asset settlement, and the delivery of financial products. For assets such as $USDC and $USDT , the key questions are whether compliant payment use cases can expand and whether demand for on-chain transfers can translate into sustained usage. Regulatory discussions alone do not mean these stablecoins will benefit directly.
Second, DeFi and DEXs. Decentralized exchanges use smart contracts to swap assets, but different protocols vary in their control, operations, and governance structures. How future rules distinguish between protocol developers, operators, and service providers will affect the regulatory environment for DeFi-related projects such as $UNI . Discussion does not mean new rules have already been introduced, nor does it mean all DEXs will be subject to the same regulatory approach.
Third, real-world asset tokenization. If traditional financial assets such as stocks, bonds, and funds can be issued, transferred, and settled on-chain, blockchain applications will extend beyond cryptocurrency trading. For Ethereum and related infrastructure, what’s worth watching is whether the value of real-world assets, on-chain settlement volumes, and demand for network usage can grow sustainably—not simply how many new tokenization projects are launched.
【Old Leek Watch】Japan’s Financial Services Agency releases minutes from on-chain finance meeting: stablecoins, DeFi, and real-world asset tokenization enter regulatory spotlight
On October 19, Japan’s Financial Services Agency released the minutes of the first meeting of its “On-Chain Finance Forum in the AI Era.” What’s worth noting is not that Japan is suddenly opening up crypto trading, but that regulators are studying how existing financial rules should adapt as more financial products and transactions move onto blockchains.
There are three areas worth watching.
First, stablecoins. Stablecoins are not just trading tools on exchanges; they could also become infrastructure for on-chain payments, asset settlement, and the delivery of financial products. For assets such as $USDC and $USDT , the key questions are whether compliant payment use cases can expand and whether demand for on-chain transfers can translate into sustained usage. Regulatory discussions alone do not mean these stablecoins will benefit directly.
Second, DeFi and DEXs. Decentralized exchanges use smart contracts to swap assets, but different protocols vary in their control, operations, and governance structures. How future rules distinguish between protocol developers, operators, and service providers will affect the regulatory environment for DeFi-related projects such as $UNI . Discussion does not mean new rules have already been introduced, nor does it mean all DEXs will be subject to the same regulatory approach.
Third, real-world asset tokenization. If traditional financial assets such as stocks, bonds, and funds can be issued, transferred, and settled on-chain, blockchain applications will extend beyond cryptocurrency trading. For Ethereum and related infrastructure, what’s worth watching is whether the value of real-world assets, on-chain settlement volumes, and demand for network usage can grow sustainably—not simply how many new tokenization projects are launched.