Kimio Mikazuki (photo), CEO of Japan's Osaka Digital Asset Exchange (ODX), said on the 4th, "Stablecoins are an innovative means of reducing costs in the existing financial system, such as fees and time delays," and explained that "although debates surrounding regulations and actual application cases have been raised in Japan, the authorities have proceeded with legal regulations relatively flexibly, which has allowed the related industry to proceed smoothly".
ODX, where Mikazuki serves as CEO, is Japan's first token securities (ST) exchange, established in December 2023. It was jointly established by Japan's major financial institutions SBI and Sumitomo Mitsui Financial Group (SMFG). They have listed ST products based on real estate and are promoting the listing of token securities based on fixed assets such as aircraft and ships. Simultaneously, Mikazuki also serves as the director of the Digital Space Department at SBI Holdings, overseeing businesses related to stablecoins, virtual assets, and Non-Fungible Tokens (NFT).
Regarding the recent heated debate about stablecoin introduction in Korea, he shared that Japan went through a similar process. Mikazuki stated, "Japan is a country with a conservative regulatory environment that does not permit anything not explicitly specified in law, so changes are slow," but "voices emerged from the political sphere supporting the virtual asset industry, leading to preemptive law creation". He added, "While the political sphere strongly pushed for stablecoin introduction, regulatory authorities were reluctant to allow multiple licenses due to money laundering concerns," and "although law enactment was quick, the actual process of obtaining licenses was very complicated".
Mikazuki also said, "Japanese authorities are moving quickly in considering systems that allow non-financial companies like game companies to enter," and advised, "While Korean regulatory authorities will inevitably be conservative initially, prioritizing user protection, dialogue will progress once actual cases are secured".
- Tokyo=Shin Jung-seop Reporter
< Copyright ⓒ Decenter, unauthorized reproduction and redistribution prohibited >
