Digital asset regulation in Europe and Japan

Keisuke Kimura, JCBA: I.

Keisuke Kimura, JCBA (ja-JP):

Keisuke Kimura, JCBA (en-US):

Keisuke Kimura, JCBA: Microsoft Points.

Keisuke Kimura, JCBA (ja-JP): マイクロソフトポイントです。

Keisuke Kimura, JCBA (en-US): Microsoft Points.

Keisuke Kimura, JCBA: OK.

Keisuke Kimura, JCBA (ja-JP): 承知しました。

Keisuke Kimura, JCBA (en-US): Understood.

Keisuke Kimura, JCBA: Good morning, everyone joining us from Europe and good evening to everyone joining us from Japan.

Keisuke Kimura, JCBA (ja-JP): ヨーロッパからご参加の皆さま、おはようございます。日本からご参加の皆さま、こんばんは。

Keisuke Kimura, JCBA (en-US): Good morning to everyone joining us from Europe, and good evening to those joining us from Japan.

Keisuke Kimura, JCBA: Welcome to Europe Japan, the next chapter of Digital Asset Regulation, the first joint webinar hosted by Blockchain for Europe and the Japan Cryptocurrency Business Association. And I'm Kiske, a Vice President of Jupiter and Disease Association, and I'll be your host today.

Keisuke Kimura, JCBA (ja-JP): ヨーロッパ・ジャパン デジタル資産規制の新章へようこそ。本日はBlockchain for Europeと日本暗号資産ビジネス協会が初めて共同開催するウェビナーです。私は木村圭佑、日本暗号資産ビジネス協会の副会長で、本日の司会を務めます。

Keisuke Kimura, JCBA (en-US): Welcome to Europe Japan: The Next Chapter of Digital Asset Regulation. This is the first joint webinar hosted by Blockchain for Europe and the Japan Cryptocurrency Business Association. I'm Keisuke Kimura, Vice President of the Japan Cryptocurrency Business Association, and I'll be your host today.

Keisuke Kimura, JCBA: So.

Keisuke Kimura, JCBA (ja-JP):

Keisuke Kimura, JCBA (en-US):

Keisuke Kimura, JCBA: Over the next 90 minutes, we'll hear brief overviews of regulatory landscape in Europe and Japan, followed by two panel discussions.

Keisuke Kimura, JCBA (ja-JP): これから90分間、ヨーロッパと日本の規制状況についての概要説明と、2つのパネルディスカッションを行います。

Keisuke Kimura, JCBA (en-US): Over the next 90 minutes, we'll have brief overviews of the regulatory landscape in Europe and Japan, followed by two panel discussions.

Keisuke Kimura, JCBA: To open the webinar.

Keisuke Kimura, JCBA (ja-JP): ウェビナーの開会にあたりまして。

Keisuke Kimura, JCBA (en-US): To begin the webinar.

Keisuke Kimura, JCBA: The first I will look at how Europe and Japan regulate stable points and what those approaches being in practice. The second I will look at how wallets collect users to decentralize finance and the questions that raises around anti money laundering and countering the financing of terrorism. This is webinar will be English with live AI generated Japanese captions available. I will post a separate link in the zoom chat so you can follow along with the Japanese captions.

Keisuke Kimura, JCBA (ja-JP): まず、ヨーロッパと日本がステーブルコインをどのように規制しているか、そしてその実際の運用について見ていきます。次に、ウォレットがどのようにユーザーをディファイに接続し、それがマネーロンダリング対策やテロ資金供与対策にどのような課題をもたらすかを考察します。本ウェビナーは英語で行われ、AIによる日本語字幕もご利用いただけます。日本語字幕用のリンクはZoomチャットで別途ご案内します。

Keisuke Kimura, JCBA (en-US): First, I'll examine how Europe and Japan regulate stablecoins and how these approaches work in practice. Second, I'll discuss how wallets connect users to DeFi and the resulting questions around anti-money laundering and counter-terrorism financing. This webinar will be conducted in English, with live AI-generated Japanese captions available. I'll share a separate link in the Zoom chat for the Japanese captions.

Keisuke Kimura, JCBA: I like to invite Seiji Yuki, co-founder and Executive Managing Director of JCBA, to say a few words. Yukson, over to you.

Keisuke Kimura, JCBA (ja-JP): JCBA共同創業者で執行理事の結城誠司さんにご挨拶いただきます。結城さん、よろしくお願いします。

Keisuke Kimura, JCBA (en-US): I'd like to invite Seiji Yuki, co-founder and Executive Managing Director of JCBA, to say a few words. Seiji, the floor is yours.

Seiji Yuki JCBA: OK. Thank you very much for introducing me Tejuki from JCBA.

Seiji Yuki JCBA (ja-JP): ご紹介いただきありがとうございます。JCBAの手塚です。

Seiji Yuki JCBA (en-US): Thank you for the introduction. This is Tejuki from JCBA.

Seiji Yuki JCBA: To all viewers, thank you very much for joining our panel session today despite your busy schedules. Today marks the first session held the following signing of the Mou between Broxia and Europe and JCBA, and we are delighted to be able to host this event.

Seiji Yuki JCBA (ja-JP): ご多忙の中、本日のパネルセッションにご参加いただき、誠にありがとうございます。本日は、Broxia and EuropeとJCBAの間でMOUが締結された後、初めてのセッションとなります。このイベントを開催できることを大変嬉しく思います。

Seiji Yuki JCBA (en-US): Thank you all for joining our panel session today despite your busy schedules. This is the first session following the signing of the MOU between Broxia and Europe and JCBA, and we are very pleased to host this event.

Seiji Yuki JCBA: We would like to express sincerely grat graduate gratitude to the secretariats of both organization for their entire tireless efforts over the past few months to make this session possible.

Seiji Yuki JCBA (ja-JP): このセッションの実現に向けて、過去数か月にわたりご尽力いただいた両組織の事務局の皆様に、心より感謝申し上げます。

Seiji Yuki JCBA (en-US): We would like to sincerely thank the secretariats of both organizations for their tireless efforts over the past few months to make this session possible.

Seiji Yuki JCBA: Today's he already, Mr. Kibura explains. We have two panels, so please enjoy the session featuring panelists who are expert in this field. Thank you.

Seiji Yuki JCBA (ja-JP): 本日は木村さんが説明します。パネルは2つありますので、各分野の専門家によるセッションをぜひお楽しみください。ありがとうございます。

Seiji Yuki JCBA (en-US): Today, Mr. Kimura will provide an explanation. We have two panels, so please enjoy the session featuring experts in this field. Thank you.

Keisuke Kimura, JCBA: Thank you, Excel. So let's start with the European perspective. Tommaso Astazi, a Policy Director at Blockchain for Europe. I will briefly introduce the association and give us an overview of the Euro European regulatory landscape for digital assets. Tomasso, over to you.

Keisuke Kimura, JCBA (ja-JP): ありがとうございます。それでは、ヨーロッパの視点から始めましょう。Blockchain for Europeのポリシーディレクターであるトマッソ・アスタジさんにご登壇いただきます。まずは、協会の簡単なご紹介と、ヨーロッパにおけるデジタル資産の規制状況についてご説明いただきます。トマッソさん、よろしくお願いします。

Keisuke Kimura, JCBA (en-US): Thank you. Let's begin with the European perspective. Tommaso Astazi, Policy Director at Blockchain for Europe, will briefly introduce the association and provide an overview of the European regulatory landscape for digital assets. Tommaso, over to you.

Tommaso Astazi: 研究受け付けthank。

Tommaso Astazi (ja-JP): 研究の受付、ありがとうございます。

Tommaso Astazi (en-US): Thank you for accepting the research.

Tommaso Astazi: So much everyone, Seiji Yuki and the whole Japanese crypto business associations, it's really a pleasure to be to be here today to have this webinar together with our associations following our partnership. So really, really happy that we can provide this opportunity to all our audience to understand a bit more about how Europe and Japan have been regulating, you know, the crypto industry. I think there is a lot of interesting comparisons that we can make.

Tommaso Astazi (ja-JP): 皆さん、そして日本の暗号資産ビジネス協会の皆様、セイジ・ユキさん、本日はこのウェビナーを開催できて大変光栄です。私たちのパートナーシップに基づき、両協会でこの機会を提供できることを嬉しく思います。ヨーロッパと日本が暗号資産業界をどのように規制しているか、より深く理解していただける場になればと思います。興味深い比較もたくさんできると思います。

Tommaso Astazi (en-US): Thank you everyone, Seiji Yuki and the Japanese crypto business associations. It's a pleasure to host this webinar together, following our partnership. We're happy to provide this opportunity for our audience to learn more about how Europe and Japan regulate the crypto industry. I think there are many interesting comparisons we can make.

Tommaso Astazi: And really looking forward to the two panels where we have.

Tommaso Astazi (ja-JP): 2つのパネルディスカッションをとても楽しみにしています。

Tommaso Astazi (en-US): I'm really looking forward to the two panel discussions we have coming up.

Tommaso Astazi: Quite a few interesting speakers, regulators and supervisors that are joining our conversation. So thanks again for to everyone for being here. And I think from our perspective, I just wanted to of course quickly introduce Blockchain for Europe. For those that do not know us yet, we are industry association based in Brussels. And so we represent the interests of the blockchain industry of the crypto asset industry that is active in Europe and then wants to be.

Tommaso Astazi (ja-JP): 今回のウェビナーには、多くの興味深いスピーカーや規制当局、監督者の方々が参加しています。改めて皆様に感謝申し上げます。ここで、Blockchain for Europeについて簡単にご紹介させていただきます。私たちはブリュッセルに拠点を置く業界団体で、ヨーロッパで活動するブロックチェーンや暗号資産業界の利益を代表しています。

Tommaso Astazi (en-US): We have many interesting speakers, regulators, and supervisors joining us today. Thank you again to everyone for being here. Let me briefly introduce Blockchain for Europe. For those who don't know us yet, we are an industry association based in Brussels, representing the interests of the blockchain and crypto asset industry active in Europe.

Tommaso Astazi: Regulated in the European Union, right. So our association was actually founded in 2018, which is the moment where the European Union started thinking about the regulation of crypto, of the crypto industry and produce what is now known a bit all over the world as the Mika regulation, the marketing crypto assets regulation. And so together with our members that range from infrastructure and protocol providers and builders to exchanges, centralized exchanges, DeFi.

Tommaso Astazi (ja-JP): ヨーロッパ連合で規制されているということですね。当協会は2018年に設立されましたが、これはちょうどEUが暗号資産業界の規制について検討を始め、現在世界的に知られているMiCA規則、すなわちマーケット・イン・クリプト・アセット規則を策定した時期です。私たちの会員には、インフラやプロトコルのプロバイダー、開発者、取引所、セントラライズドエクスチェンジ、DeFiなど幅広い企業が含まれています。

Tommaso Astazi (en-US): That's right, regulated in the European Union. Our association was founded in 2018, which is when the EU began considering crypto industry regulation and developed what is now widely known as the MiCA regulation, the Markets in Crypto-Assets Regulation. Our members include a wide range of companies, from infrastructure and protocol providers and builders to exchanges, centralized exchanges, and DeFi platforms.

Tommaso Astazi: Players, Custodians. Stablecoin issuers.

Tommaso Astazi (ja-JP): プレイヤー、カストディアン、ステーブルコイン発行者。

Tommaso Astazi (en-US): Players, custodians, and stablecoin issuers.

JCBA secretariat / JCBA 事務局: 大丈夫このかな？と思います。

JCBA secretariat / JCBA 事務局 (ja-JP): 問題ないと思います。

JCBA secretariat / JCBA 事務局 (en-US): I think this should be fine.

Tommaso Astazi: We basically get together and represent the interests of the industry. We produce position papers. We do a lot of educational work to try and help European policymakers to understand better our sometimes very complicated industry and technology so that they can actually regulate it better. So where do we stand now? Right. I think everybody more or less knows.

Tommaso Astazi (ja-JP): 私たちは業界の利益を代表して集まり、ポジションペーパーを作成しています。また、欧州の政策立案者が私たちの複雑な業界や技術をよりよく理解できるよう、教育活動にも力を入れています。これにより、より適切な規制が実現できると考えています。現状については、皆さんも大体ご存知かと思います。

Tommaso Astazi (en-US): We come together to represent the interests of the industry, produce position papers, and focus on educational activities to help European policymakers better understand our often complex industry and technology. This enables them to regulate it more effectively. As for where we stand now, I think most people are generally aware.

Tommaso Astazi: What is happening in the European Union, the approach that has been taken, the idea, the intention to be?

Tommaso Astazi (ja-JP): 欧州連合で何が起きているのか、どのようなアプローチが取られているのか、その考え方や意図について教えてください。

Tommaso Astazi (en-US): Could you explain what's happening in the European Union, the approach being taken, and the underlying ideas and intentions?

Tommaso Astazi: One of the first, if not the first major regional jurisdiction introducing such a comprehensive regulatory framework for crypto assets. And right now it's a very interesting period and time because the Mika transitional period just ended in July 2026. So we're basically what is it now, seven months, not even less, probably right, five months.

Tommaso Astazi (ja-JP): 欧州連合は、暗号資産に対してこれほど包括的な規制枠組みを導入した、最初の、あるいは最初の主要な地域管轄の一つです。今は非常に興味深い時期で、MICAの移行期間が2026年7月に終了したばかりです。つまり、今は移行期間終了から約5か月しか経っていません。

Tommaso Astazi (en-US): The European Union is one of the first, if not the first, major regional jurisdictions to introduce such a comprehensive regulatory framework for crypto assets. This is a particularly interesting time, as the MiCA transitional period just ended in July 2026. So it's only been about five months since the transition period ended.

Tommaso Astazi: Five months that the rules fully apply.

Tommaso Astazi (ja-JP): ルールが完全に適用されてから5か月が経過しました。

Tommaso Astazi (en-US): It's been five months since the rules have been fully in effect.

Tommaso Astazi: To the European crypto industry, some of the rules were already applying sometime before for stablecoins and we might hear a bit about that and all of the regulatory questions around stablecoins. But so after this transitional period that ended, we now are in a fully Mica live world where crypto asset service providers need to be authorized to provide crypto asset services. We have now 394 I think as of last week.

Tommaso Astazi (ja-JP): ヨーロッパの暗号資産業界では、ステーブルコインに関する一部の規則はすでに以前から適用されていました。今後、その詳細やステーブルコインを巡る規制上の課題についても触れられるかもしれません。移行期間が終了した今、完全にMiCAが適用される環境となり、暗号資産サービスプロバイダーは認可を受けてサービスを提供する必要があります。先週時点で認可を受けた事業者は394社となっています。

Tommaso Astazi (en-US): In the European crypto industry, some rules had already been applied earlier for stablecoins, and we may hear more about those regulatory issues. Now that the transitional period has ended, we are in a fully MiCA-compliant environment where crypto asset service providers must be authorized to operate. As of last week, there are 394 authorized providers.

Tommaso Astazi: Casps that are authorized under MICA in the.

Tommaso Astazi (ja-JP): MICAの下で認可されたCASPについて。

Tommaso Astazi (en-US): CASPs authorized under MiCA.

Tommaso Astazi: Register held by asthma, so the European security markets regulator and the whole, the whole point is that now if you don't have a license, well, you cannot provide your services anymore. There is also an interesting and important point is the passporting of this, of this license. The whole point of the European Union regulatory framework is that even though we are 27 different member states of this one union, well by getting 1 license in one country in one member state.

Tommaso Astazi (ja-JP): この登録はESMA、つまり欧州証券市場監督局が管理しています。重要なポイントは、ライセンスを持っていない場合、もはやサービスを提供できないということです。また、もう一つ重要なのは、このライセンスのパスポーティングです。欧州連合の規制枠組みの目的は、27の加盟国があっても、1つの加盟国でライセンスを取得すれば、他のすべての国でもサービスを提供できるという点です。

Tommaso Astazi (en-US): The register is managed by ESMA, the European Securities and Markets Authority. The key point is that without a license, you can no longer provide your services. Another important aspect is the passporting of this license. The purpose of the EU regulatory framework is that, even though there are 27 member states, obtaining a license in one country allows you to offer services throughout the entire union.

Tommaso Astazi: Then you can passport it to the whole rest of the European Union, which means 27 markets plus the European Economic Area countries. So that's really Mika's biggest selling point, right? One license to access the whole market. When we look at the different countries and the situation in those countries, there are some countries, some member states where there's a lot more of PVD, a lot more of licenses provided. I think right now Germany, France and the Netherlands are leading.

Tommaso Astazi (ja-JP): そのライセンスを他のEU加盟国すべてにパスポートできる、つまり27の市場と欧州経済領域の国々にも展開できるということです。これがMICAの最大の特徴であり、1つのライセンスで全市場にアクセスできる点が大きなメリットです。各国の状況を見ると、特にドイツ、フランス、オランダが現在リードしており、これらの国では多くのライセンスが発行されています。

Tommaso Astazi (en-US): You can passport that license to all other EU member states, which means access to 27 markets plus the countries in the European Economic Area. This is really Mika's biggest advantage—one license gives you access to the entire market. Looking at the different countries, Germany, France, and the Netherlands are currently leading, with the highest number of licenses issued.

Tommaso Astazi: In terms of the number of cusps, while if we look at the issuers of stablecoins, then that's France where there is a there is more activity in that sense. I think know we mentioned stablecoins, we mentioned DeFi and of course we're going to have a very interesting discussion there. I think what's important and I absolutely don't want to preempt the discussion, but I think it's important to say that.

Tommaso Astazi (ja-JP): カストディアンの数については、ステーブルコインの発行者を見ると、フランスが最も活発です。ステーブルコインやDeFiについても触れましたが、これから非常に興味深い議論になると思います。議論を先取りするつもりはありませんが、重要なポイントがあると思います。

Tommaso Astazi (en-US): Regarding the number of custodians, if we look at stablecoin issuers, France is the most active in that area. We've mentioned stablecoins and DeFi, and I think we're going to have a very interesting discussion. I don't want to preempt the conversation, but I do think there's an important point to make.

Tommaso Astazi: That Mika has a pretty important approach towards stablecoin.

Tommaso Astazi (ja-JP): Mikaはステーブルコインに対して非常に重要なアプローチを取っています。

Tommaso Astazi (en-US): Mika takes a very important approach to stablecoins.

Tommaso Astazi: With full reserve backing, backing requirements, redemption at par, no interest provided on stable coins. So a lot of a lot of requirements and a lot of criteria imposed on stablecoin issuers to be able to get a license and provide their stable coins in Europe. There is some of these some of these requirements and aspects have been now put into question in a way by the European Commission and we're, you know, very glad to have Charles.CANONNE from the.

Tommaso Astazi (ja-JP): フルリザーブによる裏付け、裏付け要件、額面での償還、ステーブルコインへの利息付与なしなど、ヨーロッパでステーブルコインを提供するためには多くの要件や基準が課されています。これらの要件の一部については、欧州委員会によって現在見直しが進められており、本日はCharles.CANONNE氏をお迎えできて大変嬉しく思います。

Tommaso Astazi (en-US): Stablecoin issuers in Europe must meet strict requirements, including full reserve backing, specific backing criteria, redemption at par, and no interest paid on stablecoins. Some of these requirements are now being reconsidered by the European Commission, and we're very pleased to have Charles.CANONNE with us today.

Tommaso Astazi: And Commission that we'll be talking a bit about the consultation that was opened on Mica and what might come next with a potential Mika 2 proposal. Again, I don't think I want to, you know, preempt that discussion. But as Blockchain for Europe, of course, we have put a lot of effort with our members to put together these consultation response. So the last few months we've been very, very busy. Everyone has been very busy in Europe with reviewing basically what the Mika rules.

Tommaso Astazi (ja-JP): そして、欧州委員会がMicaに関するコンサルテーションを開始したことや、今後Mika 2の提案が出てくる可能性についても話す予定です。もちろん、議論を先取りするつもりはありませんが、Blockchain for Europeとしては、メンバーと協力してコンサルテーションへの回答をまとめるために多くの努力を重ねてきました。ここ数ヶ月、ヨーロッパではMikaのルールを見直す作業で非常に忙しい状況が続いています。

Tommaso Astazi (en-US): We'll also discuss the consultation opened by the European Commission on Mica and the possibility of a future Mica 2 proposal. I don't want to preempt the discussion, but as Blockchain for Europe, we've worked closely with our members to prepare responses for this consultation. Over the past few months, everyone in Europe has been very busy reviewing the Mica rules.

Tommaso Astazi: Actually achieving and trying to provide some feedback on what, how can we make them better for the future. So again, I'm really looking forward to the conversation. I don't want to take over too much time, but I think of course we are looking forward to what will come out of the European Commission review of the consultation responses. We believe as a as a key point that it's important to enforce the existing rules properly before adding.

Tommaso Astazi (ja-JP): 実際に成果を上げ、今後どのようにルールをより良くできるかについてフィードバックを提供しようとしています。今後の議論を楽しみにしていますし、ヨーロッパ委員会によるコンサルテーションのレビュー結果にも期待しています。私たちは、まず既存のルールを適切に施行することが重要だと考えています。

Tommaso Astazi (en-US): We're working to provide feedback on how these rules can be improved for the future. I'm looking forward to the discussion and to seeing the results of the European Commission's review of the consultation responses. We believe it's essential to properly enforce the existing rules before introducing new ones.

Tommaso Astazi: Layers, but there are for sure some targeted fixes that could be done at this point in time when we look at the rules around stablecoins as mentioned, when we look around DeFi and the clarity that will be needed to understand the real perimeter of regulation. But there is also some other very interesting topics on perpetuals and prediction markets that are coming up in the agenda that we're really looking forward to discuss. Also with the European Commission and the policymakers there is discussions around supervision.

Tommaso Astazi (ja-JP): 現時点で、特定の修正が必要な部分も確かにあります。特にステーブルコインに関するルールや、DeFiの規制範囲の明確化が求められています。また、パーペチュアルや予測市場など、今後議題に上がる非常に興味深いトピックもあります。これらについても欧州委員会や政策担当者と議論できることを楽しみにしています。監督に関する議論も進んでいます。

Tommaso Astazi (en-US): At this point, there are definitely some targeted fixes that could be made, especially regarding the rules around stablecoins and the clarity needed for DeFi regulation. There are also some very interesting topics coming up, such as perpetuals and prediction markets, which we look forward to discussing with the European Commission and policymakers. Discussions around supervision are also ongoing.

Tommaso Astazi: Who should be supervising all of these crypto activities in the European Union? Should they be the national authorities? Should it be the Central European Authority? And then of course, there is always discussions around am L so anti money laundering requirements and expectations towards the crypto asset industry, toward DeFi players. So a lot going on. So I don't want to take too much time again.

Tommaso Astazi (ja-JP): これらすべての暗号資産活動を欧州連合で監督すべきなのは誰でしょうか？各国の当局でしょうか、それとも中央の欧州当局でしょうか？また、常に議論になるのがAML、つまりマネーロンダリング対策の要件や、暗号資産業界やDeFi事業者に対する期待です。本当に多くのことが進行していますので、これ以上時間を取りすぎないようにします。

Tommaso Astazi (en-US): Who should be supervising all these crypto activities in the European Union? Should it be the national authorities or a central European authority? There's also ongoing discussion about anti-money laundering requirements and expectations for the crypto asset industry and DeFi players. There's a lot happening, so I don't want to take up too much more time.

Tommaso Astazi: Just wanted to give our audience a bit of a quick introduction on the an overview around the European.

Tommaso Astazi (ja-JP): ヨーロッパに関する概要を簡単にご紹介したいと思います。

Tommaso Astazi (en-US): I'd like to give our audience a brief overview of the European context.

Tommaso Astazi: Regulatory approach to the crypto industry and I think it's very going to be very interesting to have a bit of comparison with the Japan regular Japanese regulatory approach. I'm really looking forward to hear also from the Japanese regulators that have kindly joined us this morning. So I'll stop in there and really thank again everyone that made this webinar possible. Thank all of our audience and really looking forward to some very interesting discussions in the next.

Tommaso Astazi (ja-JP): 暗号資産業界に対する規制アプローチについて、欧州と日本の規制の違いを比較できるのは非常に興味深いと思います。今朝ご参加いただいた日本の規制当局の方々からもお話を伺えることを楽しみにしています。ここで一旦話を止めて、このウェビナー開催にご協力いただいた皆様、そしてご参加いただいた皆様に改めて感謝申し上げます。今後のディスカッションも非常に楽しみにしています。

Tommaso Astazi (en-US): The regulatory approach to the crypto industry is very interesting, and I look forward to comparing it with Japan's regulatory framework. I'm also eager to hear from the Japanese regulators who have kindly joined us this morning. I'll pause here and once again thank everyone who made this webinar possible, as well as our audience. I'm looking forward to some very interesting discussions ahead.

Tommaso Astazi: Hour or so.

Tommaso Astazi (ja-JP): この後1時間ほど、非常に興味深い議論ができることを楽しみにしています。

Tommaso Astazi (en-US): I'm looking forward to some very interesting discussions over the next hour or so.

Keisuke Kimura, JCBA: Thank you very much, Tomaso, for the European regulatory help review. OK, so we'll now turn to Ichban Mia.

Keisuke Kimura, JCBA (ja-JP): トマソさん、ヨーロッパの規制についてご説明いただきありがとうございました。それでは、イチバンミアさんに移ります。

Keisuke Kimura, JCBA (en-US): Thank you very much, Tommaso, for your overview of European regulations. Now, let's turn to Ichban Mia.

Keisuke Kimura, JCBA: Each channel a partner.

Keisuke Kimura, JCBA (ja-JP): 各チャネルにパートナーがいます。

Keisuke Kimura, JCBA (en-US): Each channel has a partner.

Keisuke Kimura, JCBA: 片岡、あの。小林、あの、俺がアドバイザー。

Keisuke Kimura, JCBA (ja-JP): 片岡さん、小林さん、私はアドバイザーです。

Keisuke Kimura, JCBA (en-US): Kataoka, Kobayashi, I'm serving as an advisor.

Fumiaki Sano: To the power intellectual. OK.

Fumiaki Sano (ja-JP): 知的財産の力についてですね。

Fumiaki Sano (en-US): Regarding the power of intellectual property.

Fumiaki Sano: Can you see this handouts OK?

Fumiaki Sano (ja-JP): この資料、見えていますか？

Fumiaki Sano (en-US): Can everyone see the handouts clearly?

Seiji Yuki JCBA: Cortana.

Seiji Yuki JCBA (ja-JP): コルタナ。

Seiji Yuki JCBA (en-US): Cortana.

Fumiaki Sano: Yep. Hello everyone.

Fumiaki Sano (ja-JP): 皆さん、こんにちは。

Fumiaki Sano (en-US): Hello everyone.

Fumiaki Sano: And they thank you for joining us today.

Fumiaki Sano (ja-JP): 本日はご参加いただきありがとうございます。

Fumiaki Sano (en-US): Thank you for joining us today.

Fumiaki Sano: My name is Tumi Exhano and I'm a lawyer to Cooperation LPG in Tokyo. I'd like to thank Blockchain for Europe and the JCBA for organizing this webinar. So in the next 10 minutes I will give a short overview over the digital asset regulation in Japan.

Fumiaki Sano (ja-JP): 私はトゥミ・エクサノと申します。東京のCooperation LPGで弁護士をしています。本日のウェビナーを開催してくださったBlockchain for EuropeとJCBAに感謝いたします。これから10分ほど、日本におけるデジタル資産規制について簡単にご説明します。

Fumiaki Sano (en-US): My name is Tumi Exhano, and I'm a lawyer at Cooperation LPG in Tokyo. I'd like to thank Blockchain for Europe and the JCBA for organizing this webinar. Over the next 10 minutes, I'll provide a brief overview of digital asset regulation in Japan.

Fumiaki Sano: I will focus on the three topics, the stablecoins, the clip assets and the DeFi. The where it helps.

Fumiaki Sano (ja-JP): 本日は、ステーブルコイン、暗号資産、そしてDeFiの3つのトピックに焦点を当ててお話しします。どのように役立つかについてもご説明します。

Fumiaki Sano (en-US): Today, I will focus on three topics: stablecoins, crypto assets, and DeFi. I'll also explain how these areas are relevant.

Fumiaki Sano: I will also make a few the simple comparisons with the Mika in EU The Please note this presentation for general information only. It is not legal advice. Yeah, like begin. Let let's begin.

Fumiaki Sano (ja-JP): また、EUのMiCAとの簡単な比較もいくつか行います。このプレゼンテーションは一般的な情報提供を目的としており、法的助言ではありません。それでは始めます。

Fumiaki Sano (en-US): I will also make some simple comparisons with MiCA in the EU. Please note that this presentation is for general information only and does not constitute legal advice. Let's get started.

Fumiaki Sano: OK. The slide one is the first that here is the big picture, the number one, the stablecoins, the Japan was the one of the first countries to clear rules for stablecoins today. So 2 and several coins, they're obligated and several coins are already on the market.

Fumiaki Sano (ja-JP): スライド1ですが、まず全体像をお話しします。まず1つ目はステーブルコインです。日本はステーブルコインに関するルールを最初に明確化した国の一つです。現在、複数のステーブルコインが規制されており、すでに市場に出回っています。

Fumiaki Sano (en-US): Let's start with slide one, which gives an overview. First, regarding stablecoins, Japan was one of the first countries to establish clear rules for stablecoins. Today, several stablecoins are regulated and already available on the market.

Fumiaki Sano: And #2 the clips outfits that this year that they were the big change. In July the Japan processed a new law. It moves the crypt asset loose into our securities law, the financial instruments and the Exchange Act so-called FIA.

Fumiaki Sano (ja-JP): そして2つ目は、今年大きな変化があったクリプトアセットです。7月に日本で新しい法律が施行され、クリプトアセットの規制が証券法、つまり金融商品取引法に移されました。

Fumiaki Sano (en-US): Second, there was a major change regarding crypto assets this year. In July, Japan enacted a new law that moved the regulation of crypto assets under the securities law, specifically the Financial Instruments and Exchange Act, also known as the FIA.

Fumiaki Sano: The number 3 DeFi there are no clear lose yet. Defiant subsidies agency, the so-called JFC, is now the study made.

Fumiaki Sano (ja-JP): 3番目はDeFiです。現時点では明確な規制はありません。金融庁、いわゆるJFCが現在調査を進めています。

Fumiaki Sano (en-US): Number three is DeFi. There are no clear regulations yet. The Financial Services Agency, known as the JFC, is currently conducting a study.

Fumiaki Sano: On the light you can see the EU for reference. Our approaches have a lot in common, but for eclipse assets, the EU created a new law, submitted the why Japan is using its securities law now. Let me go through the each topic.

Fumiaki Sano (ja-JP): スライドには参考としてEUの情報も載せています。私たちのアプローチには多くの共通点がありますが、暗号資産についてはEUは新しい法律を制定し、日本は現在証券法を適用しています。それぞれのトピックについて説明します。

Fumiaki Sano (en-US): On the slide, you can see the EU for reference. Our approaches have a lot in common, but for crypto assets, the EU created a new law, while Japan is now using its securities law. Let me go through each topic.

Fumiaki Sano: The next slide is dealing the save coins. In Japan, the only three types of companies can issue stable coins. The 1st is banks, the second is 1 transport the service providers. The SAT is.

Fumiaki Sano (ja-JP): 次のスライドはステーブルコインについてです。日本では、ステーブルコインを発行できるのは3種類の企業だけです。1つ目は銀行、2つ目は資金移動業者、3つ目は信託会社です。

Fumiaki Sano (en-US): The next slide covers stablecoins. In Japan, only three types of companies can issue stablecoins. The first is banks, the second is funds transfer service providers, and the third is trust companies.

Fumiaki Sano: I think trust companies.

Fumiaki Sano (ja-JP): 信託会社だと思います。

Fumiaki Sano (en-US): I believe it's trust companies.

Fumiaki Sano: Camping is at the sale or the money save coins also need to register so the boss issuing and selling regulated the. This is similar to the manage of the model that make it.

Fumiaki Sano (ja-JP): ステーブルコインの発行や販売も登録が必要で、発行者と販売者の両方が規制されています。これは他のモデルの管理方法と似ています。

Fumiaki Sano (en-US): Issuing and selling stablecoins also requires registration, so both issuers and sellers are regulated. This is similar to how other models are managed.

Fumiaki Sano: The market is now growing. JPY was launched in October 2025. The JPY she was launched in June the 2026. The JPY share is issued by, you know, the plant transfer service provider. So JPY sheep on the other hand, the JPSY is the issued by you know trust.

Fumiaki Sano (ja-JP): 市場は現在成長しています。JPYは2025年10月にローンチされました。JPYシェアは2026年6月にローンチされました。JPYシェアは資金移動業者によって発行されています。一方、JPSYは信託会社によって発行されています。

Fumiaki Sano (en-US): The market is currently growing. JPY was launched in October 2025. JPY Share was launched in June 2026. JPY Share is issued by a funds transfer service provider, while JPSY is issued by a trust company.

Fumiaki Sano: Banks, SBI. Sincere Trust.

Fumiaki Sano (ja-JP): 銀行、SBI、シンシアトラストです。

Fumiaki Sano (en-US): Banks, SBI, and Sincere Trust.

Fumiaki Sano: Thanks. So by September about ¥20 billion of GPS have been issued. The also the Japan's three the largest banks are the plan to issue a stablecoin together.

Fumiaki Sano (ja-JP): ありがとうございます。9月までに約200億円分のJPSYが発行されています。また、日本の三大銀行も共同でステーブルコインの発行を計画しています。

Fumiaki Sano (en-US): Thank you. By September, about 20 billion yen worth of JPSY has been issued. In addition, Japan's three largest banks are planning to issue a stablecoin together.

Fumiaki Sano: In June this year, the Little War.

Fumiaki Sano (ja-JP): 今年6月にリトルウォーがありました。

Fumiaki Sano (en-US): In June this year, there was the Little War.

Fumiaki Sano: Upgraded trust types issues can now keep up to 50% of their reserves in short-time government bonds or the time deposits a new intermediate license regarding so the stablecoin.

Fumiaki Sano (ja-JP): アップグレードされた信託型の発行体は、準備金の最大50％を短期国債や定期預金で保有できるようになりました。また、ステーブルコインに関する新しい中間ライセンスも導入されています。

Fumiaki Sano (en-US): Upgraded trust-type issuers can now hold up to 50% of their reserves in short-term government bonds or time deposits. There's also a new intermediate license related to stablecoins.

Fumiaki Sano: The trading that was also created, however, there's some issues remain, so the first the stablecoin issued by bond transfer, the service provided and the following should save points.

Fumiaki Sano (ja-JP): 取引も開始されましたが、いくつかの課題が残っています。最初の債券移転型ステーブルコインの発行やサービス提供については、今後も注視すべきポイントがあります。

Fumiaki Sano (en-US): Trading has also started, but some issues remain. For the first stablecoin issued via bond transfer and its related services, there are still important points to monitor going forward.

Fumiaki Sano: The touch at USDC, they have the limit over ¥1 million transport that this makes the large payment difficult.

Fumiaki Sano (ja-JP): USDCについては、100万円を超える送金に制限があり、大口決済が難しくなっています。

Fumiaki Sano (en-US): For USDC, there is a limit of over one million yen per transfer, which makes large payments difficult.

Keisuke Kimura, JCBA: To JCBA, we introduced the association and walk us through Japan's regular landscape for digital assets. Samosang, over to you.

Keisuke Kimura, JCBA (ja-JP): JCBAには、協会の紹介と日本のデジタル資産に関する規制の概要を説明していただきました。佐野さん、お願いします。

Keisuke Kimura, JCBA (en-US): We introduced the association to JCBA and asked them to walk us through Japan's regulatory landscape for digital assets. Sano-san, over to you.

Fumiaki Sano: Also, the following issue stab points the including EU. The humanitarian goods, for example, can to reach the Japanese users only through the registered registered providers in Japan. The industry is asking the government to leverage this limit.

Fumiaki Sano (ja-JP): また、EUを含む次の課題として、人道支援物資などは日本の登録事業者を通じてしか日本のユーザーに届けられません。業界はこの制限の緩和を政府に要望しています。

Fumiaki Sano (en-US): Another issue, including in the EU, is that humanitarian goods can only reach Japanese users through registered providers in Japan. The industry is asking the government to relax this restriction.

Fumiaki Sano: The next slide is pre sausage that this is the biggest change this year.

Fumiaki Sano (ja-JP): 次のスライドは、今年最大の変化についてです。

Fumiaki Sano (en-US): The next slide covers the biggest change this year.

Fumiaki Sano: As I said, the new law that was passed in July 2026, it will take effect by July 2027.

Fumiaki Sano (ja-JP): 先ほど申し上げた通り、2026年7月に成立した新しい法律は、2027年7月までに施行されます。

Fumiaki Sano (en-US): As I mentioned earlier, the new law passed in July 2026 will take effect by July 2027.

Fumiaki Sano: Under the new law, the crypto assets will be the treated as the investment blocks but they are not treated as securities. So there are 4 main pillars. The first, the stronger action against unregistered businesses. The second disclosure rules were issued. The South is stronger lose for the service providers.

Fumiaki Sano (ja-JP): 新しい法律の下では、暗号資産は投資商品として扱われますが、証券とはみなされません。主なポイントは4つあります。1つ目は、無登録事業者へのより厳しい対応です。2つ目は、開示ルールの導入です。3つ目は、サービスプロバイダーに対する規制強化です。

Fumiaki Sano (en-US): Under the new law, crypto assets will be treated as investment products, but not as securities. There are four main pillars. First, stricter measures against unregistered businesses. Second, new disclosure rules. Third, stronger regulations for service providers.

Fumiaki Sano: But finally, so new insider trading lose.

Fumiaki Sano (ja-JP): 最後に、新しいインサイダー取引規制についてです。

Fumiaki Sano (en-US): Finally, there are new insider trading regulations.

Fumiaki Sano: Community Frat.

Fumiaki Sano (ja-JP): コミュニティフラットについてです。

Fumiaki Sano (en-US): Regarding Community Frat.

Fumiaki Sano: What does this mean for you? This.

Fumiaki Sano (ja-JP): この新しい法律が、皆さんにどのような影響を与えるのでしょうか。

Fumiaki Sano (en-US): What impact will this new law have on you?

Fumiaki Sano: I think they will get better protection. The disclosure in the insider trading moves similar in speed to Mika.

Fumiaki Sano (ja-JP): より良い保護が得られると思います。インサイダー取引に関する開示もMiCAと同じくらいのスピードで進んでいます。

Fumiaki Sano (en-US): I believe they will receive better protection. Disclosure requirements for insider trading are progressing at a pace similar to MiCA.

Fumiaki Sano: On the other hand, so regarding packs in terms of tax, so the crypto gains are now taxed at up to 55%. The plan is to move to a flat 20%. Yeah, this is expected from the January 2028 the preach ETFs such as you know, the Bitcoin ETFs and so on also the being discussed.

Fumiaki Sano (ja-JP): 一方で、税制に関しては、暗号資産の利益は現在最大55%課税されていますが、今後は一律20%に引き下げる予定です。これは2028年1月から適用される見込みです。また、ビットコインETFなどの上場投資信託についても議論が進んでいます。

Fumiaki Sano (en-US): On the other hand, regarding taxes, crypto gains are currently taxed at up to 55%, but the plan is to move to a flat 20%. This change is expected to take effect from January 2028. There are also ongoing discussions about ETFs, such as Bitcoin ETFs.

Fumiaki Sano: What about subsequent providers? They will so need to register under the FYE that they will. They also need stronger the internal controls and risk management. They also our kids will also take tougher action against unregistered firms, including firms the selling form upload.

Fumiaki Sano (ja-JP): 次のプロバイダーについてですが、彼らもFYEの下で登録が必要になります。また、内部統制やリスク管理を強化する必要があります。さらに、未登録の企業、特に販売やアップロードを行う企業に対しても、当局はより厳しい対応を取る予定です。

Fumiaki Sano (en-US): As for subsequent providers, they will also need to register under the FYE. They must strengthen their internal controls and risk management. Authorities will take tougher action against unregistered firms, especially those involved in sales or uploads.

Fumiaki Sano: Now, on the other hand, the foreign firms may be able to deal with the Japanese financial institution without the Japanese license, but this depends on the detailed rules that we can still check on.

Fumiaki Sano (ja-JP): 一方で、海外企業は日本のライセンスがなくても日本の金融機関と取引できる可能性がありますが、これは今後確認すべき詳細なルールによります。

Fumiaki Sano (en-US): On the other hand, foreign firms may be able to work with Japanese financial institutions without a Japanese license, but this will depend on the specific rules, which we still need to review.

Fumiaki Sano: The next slide is legally DeFi. The DeFi is how to regulate.

Fumiaki Sano (ja-JP): 次のスライドはDeFiの法的側面です。DeFiをどのように規制するかがテーマです。

Fumiaki Sano (en-US): The next slide covers the legal aspects of DeFi, focusing on how to regulate DeFi.

Fumiaki Sano: Yes. So our laws are the build along regulated businesses, but in different the D is often no clear business in the middle.

Fumiaki Sano (ja-JP): はい。私たちの法律は規制されたビジネスを前提に作られていますが、DeFiの場合は中間に明確な事業者がいないことが多いです。

Fumiaki Sano (en-US): Yes. Our laws are designed around regulated businesses, but in DeFi, there is often no clear intermediary.

Fumiaki Sano: In December 2025, JFSA, the working group the said yeah, there's no clear way to like a de satellite exchange yet it's suggested starting with the companies that provides applications or the websites to Japanese users. In July the 2026, the government listed defiant wallets as the topics for levy in the same month.

Fumiaki Sano (ja-JP): 2025年12月、金融庁のワーキンググループは、現時点で分散型取引所に明確な規制方法はないが、日本のユーザー向けにアプリケーションやウェブサイトを提供する企業から規制を始めることを提案しました。2026年7月には、政府が同月にDeFiやウォレットを課税対象のトピックとして挙げました。

Fumiaki Sano (en-US): In December 2025, the JFSA working group noted that there is still no clear regulatory framework for decentralized exchanges, but suggested starting with companies that provide applications or websites to Japanese users. In July 2026, the government listed DeFi and wallets as topics for taxation in the same month.

Fumiaki Sano: The Fatofu. The published records of DeFi.

Fumiaki Sano (ja-JP): ファトフによるDeFiの公開記録についてです。

Fumiaki Sano (en-US): This is about the published records of DeFi by the FATF.

Fumiaki Sano: And in October, the FSA study group study detailed review.

Fumiaki Sano (ja-JP): そして10月には、金融庁の研究会が詳細なレビューを行いました。

Fumiaki Sano (en-US): And in October, the FSA study group conducted a detailed review.

Fumiaki Sano: The study group is looking at the issues, the first, how to find the people if you actually control a different service. The second, they have to regulate application and website providers and SAT and money laundering. So Japan and the EU in similar position regarding I think the DeFi or the DEX.

Fumiaki Sano (ja-JP): このスタディグループは、まず実際に異なるサービスをコントロールしている人をどう特定するか、次にアプリケーションやウェブサイトの提供者、SAT、マネーロンダリング対策をどう規制するかという課題を検討しています。日本とEUは、DeFiやDEXに関して似たような立場にあると思います。

Fumiaki Sano (en-US): The study group is examining two main issues: first, how to identify individuals who actually control different services, and second, how to regulate application and website providers, as well as address SAT and anti-money laundering measures. Japan and the EU are in similar positions regarding DeFi and DEX regulation.

Fumiaki Sano: The maker that does not the cover the fury? Decentralized services.

Fumiaki Sano (ja-JP): カバーしていないメーカー、つまり分散型サービスについてです。

Fumiaki Sano (en-US): We're talking about makers that are not covered, meaning decentralized services.

Fumiaki Sano: The Japanese focusing on the front end and controllers because maybe yeah, it's a very difficult for you know, JFC to find out the know the administrative, the business and so on. So that's why I think as a leaders of this maybe it is a very rational.

Fumiaki Sano (ja-JP): 日本側はフロントエンドやコントローラーに注目しています。なぜなら、JFCが管理者や事業者を特定するのは非常に難しいためです。ですので、リーダーとしてこの方針は合理的だと思います。

Fumiaki Sano (en-US): The Japanese side is focusing on the front end and controllers because it's very difficult for the JFC to identify administrators and business operators. So, as leaders, I think this approach is quite rational.

Fumiaki Sano: To focus on the front end and controls? I think so.

Fumiaki Sano (ja-JP): フロントエンドやコントロールに注力するという点については、私も同意します。

Fumiaki Sano (en-US): Yes, I agree that focusing on the front end and controls makes sense.

Fumiaki Sano: But prisoner, if there is a clear the authority, the existing rules may or may be applied.

Fumiaki Sano (ja-JP): ただし、明確な権限があれば、既存のルールが適用される可能性があります。

Fumiaki Sano (en-US): However, if there is clear authority, existing rules may apply.

Fumiaki Sano: Slide.

Fumiaki Sano (ja-JP): スライドに移ります。

Fumiaki Sano (en-US): Let's move on to the next slide.

Fumiaki Sano: The final.

Fumiaki Sano (ja-JP): 最終的な決定です。

Fumiaki Sano (en-US): This is the final decision.

Fumiaki Sano: I OK, so let me sum up with the three points. The first is the shift to the FYE. Yeah, the clip assets are the moving under the securities law that we reduce legislation, the disclosure and the insider trading loops.

Fumiaki Sano (ja-JP): では、3つのポイントでまとめます。まず1つ目は、会計年度末への移行です。暗号資産が証券法のもとで管理されるようになり、法整備、情報開示、インサイダー取引規制が強化されます。

Fumiaki Sano (en-US): Let me summarize with three key points. First, there's a shift to the fiscal year-end. Crypto assets are now being managed under securities law, which strengthens legislation, disclosure requirements, and insider trading regulations.

Fumiaki Sano: The second the stablecoins lose have been updated now and the market is starting to grow.

Fumiaki Sano (ja-JP): 2つ目は、ステーブルコイン関連の法律が改正され、市場が成長し始めていることです。

Fumiaki Sano (en-US): Second, the stablecoin regulations have been updated, and the market is starting to grow.

Fumiaki Sano: The sad, the spam dates to watch.

Fumiaki Sano (ja-JP): 注目すべき日程についてお伝えします。

Fumiaki Sano (en-US): Here are the key dates to watch.

Fumiaki Sano: The details low you're getting, you know the FYA that will come into effect by July 2027, the new 20% tax, tax reform that from January 2028 and the affected levy of differ is under consideration.

Fumiaki Sano (ja-JP): 詳細としては、FYEが2027年7月までに施行され、新しい20%の税制改革が2028年1月から始まります。また、ディファイに関する課税も検討中です。

Fumiaki Sano (en-US): In detail, the FYE will take effect by July 2027, the new 20% tax reform will start from January 2028, and taxation on DeFi is also under consideration.

Fumiaki Sano: If so, the Japan wants you to become the ages that have for the unchanged the finance to get there. Yeah, dialogue with other legions is very important and the Elizabeth the key pattern for us that include the JCBA. I hope that today's overview is useful for our discussion about the next chapter. There will be the digital asset regulation in Europe and Japan.

Fumiaki Sano (ja-JP): その場合、日本は金融の変化を経てそこに到達するための役割を担うことになります。他の地域との対話も非常に重要であり、JCBAを含む主要なパートナーシップが鍵となります。本日の概要が、次のステップについて議論する際に役立つことを願っています。今後は、ヨーロッパと日本におけるデジタル資産規制についても取り上げます。

Fumiaki Sano (en-US): If that's the case, Japan will play a key role in adapting its financial system to reach that goal. Dialogue with other regions is also very important, and partnerships including the JCBA are essential for us. I hope today's overview will be helpful for our discussion about the next steps. We'll also cover digital asset regulation in Europe and Japan.

Fumiaki Sano: Yes, thank you very much for your attention.

Fumiaki Sano (ja-JP): ご清聴ありがとうございました。

Fumiaki Sano (en-US): Thank you very much for your attention.

Fumiaki Sano: That's it.

Fumiaki Sano (ja-JP): 以上です。

Fumiaki Sano (en-US): That concludes my remarks.

Keisuke Kimura, JCBA: Thank you very much, Salazar.

Keisuke Kimura, JCBA (ja-JP): サラザールさん、ありがとうございます。

Keisuke Kimura, JCBA (en-US): Thank you, Salazar.

Keisuke Kimura, JCBA: So now let's turn to our first panel. We'll look at where Europe and Japan take similar approaches to stablecoin regulation, where they differ and what those choices mean for firms looking to issue or use stablecoins. Joining us are Charles Cannon from the European Commission's DG FESMA.

Keisuke Kimura, JCBA (ja-JP): それでは最初のパネルに移ります。ヨーロッパと日本がステーブルコイン規制でどのように共通点や違いがあるのか、またそれが発行や利用を検討する企業にとってどのような意味を持つのかを議論します。パネリストには欧州委員会DG FESMAのチャールズ・カノン氏が参加しています。

Keisuke Kimura, JCBA (en-US): Let's move on to our first panel. We'll discuss where Europe and Japan take similar or different approaches to stablecoin regulation, and what those choices mean for companies looking to issue or use stablecoins. Joining us is Charles Cannon from the European Commission's DG FESMA.

Keisuke Kimura, JCBA: Katsuya。Terai from japan's。

Keisuke Kimura, JCBA (ja-JP): 日本からは寺井克也さんが参加しています。

Keisuke Kimura, JCBA (en-US): Katsuya Terai from Japan is joining us.

Keisuke Kimura, JCBA: Financial Services Agency Ken Kawaii from Under Somali and Komatsuye and JCBA and Flores Logut from Kivalis. Our moderator is Erwin Boulder, research and strategy Director at Blockchain for Europe.

Keisuke Kimura, JCBA (ja-JP): 金融庁のKen Kawaiさん、SomaliのKomatsuyeさん、JCBAの方、そしてKivalisのFlores Logutさんが参加しています。モデレーターはBlockchain for Europeのリサーチ＆ストラテジーディレクター、Erwin Voloderさんです。

Keisuke Kimura, JCBA (en-US): Ken Kawai from the Financial Services Agency, Komatsuye from Somali, representatives from JCBA, and Flores Logut from Kivalis are joining us. Our moderator is Erwin Voloder, Research and Strategy Director at Blockchain for Europe.

Erwin Voloder: Fantastic. Thank you very much Kaisca for the introduction and welcome everybody. I hope you are settled in. We have a great program ahead of us today. Just to sort of set the stage what we will, what we will be discussing during this panel. As was also mentioned in the previous interventions, both Japan and the EU are they're entering a new phase in the development of their stablecoin markets. So you know as our policy Director Tomas would mentioned.

Erwin Voloder (ja-JP): 素晴らしいご紹介をありがとうございます、Kaiscaさん。皆さま、本日はご参加いただきありがとうございます。皆さまがリラックスしていることを願っています。本日は充実したプログラムをご用意しています。まず、このパネルで何を議論するのか、簡単にご説明します。先ほどの発言でも触れられていましたが、日本とEUの両方でステーブルコイン市場が新たな段階に入ろうとしています。政策ディレクターのトマソもその点に言及していました。

Erwin Voloder (en-US): Thank you very much for the introduction, Kaisca, and welcome everyone. I hope you're all comfortable. We have an excellent program lined up today. To set the stage, let me briefly explain what we'll be discussing in this panel. As mentioned earlier, both Japan and the EU are entering a new phase in the development of their stablecoin markets. Our Policy Director Tomas has also highlighted this point.

Erwin Voloder: The Commission is reviewing Mika following its initial implementation. You know, Japan has introduced further changes to its framework regarding everything from, you know, reserves and intermediaries, foreign issued instruments. So this is a great opportunity to examine how those regulatory designs are actually translating into any practical outcomes both for issuers and financial institutions, but also for users. So this panel will be bringing together the policy makers and the market participants from both jurisdictions and.

Erwin Voloder (ja-JP): 欧州委員会はMiCAの初期導入を受けて見直しを進めています。一方、日本も準備金や仲介業者、外国発行の金融商品など、さまざまな面で制度をさらに改正しています。これは、規制設計が発行体や金融機関、そして利用者にとって実際にどのような成果につながっているのかを検証する絶好の機会です。本パネルでは、両地域の政策担当者と市場関係者が一堂に会します。

Erwin Voloder (en-US): The Commission is reviewing MiCA following its initial implementation. Meanwhile, Japan has introduced further changes to its framework, covering areas such as reserves, intermediaries, and foreign-issued instruments. This is a great opportunity to examine how these regulatory designs are producing practical outcomes for issuers, financial institutions, and users. This panel brings together policymakers and market participants from both regions.

Erwin Voloder: We're going to be looking at, under those different conditions from a market perspective, how we can support different use cases, be that corporate treasury or the settlement of tokenized assets, the differences in the regulatory approaches and where there may be confluence. So without further ado, I will leave it to the panelists to briefly introduce themselves before we jump into the questions.

Erwin Voloder (ja-JP): これから、市場の観点から異なる条件下でどのようにさまざまなユースケース、例えばコーポレートトレジャリーやトークン化資産の決済などをサポートできるか、また規制アプローチの違いや共通点について議論します。それでは早速、パネリストの皆様に自己紹介をお願いし、その後質疑応答に移りたいと思います。

Erwin Voloder (en-US): We'll be discussing how, from a market perspective, we can support various use cases under these different conditions, such as corporate treasury and settlement of tokenized assets, as well as the differences and overlaps in regulatory approaches. Now, I'd like to invite the panelists to briefly introduce themselves before we move on to the questions.

Erwin Voloder: Who would like to go first?

Erwin Voloder (ja-JP): 最初に自己紹介していただける方はいらっしゃいますか？

Erwin Voloder (en-US): Who would like to start with their introduction?

Katsuya Terai: No.

Katsuya Terai (ja-JP): いいえ。

Katsuya Terai (en-US): No.

Erwin Voloder: Yeah, sure. Thank you.

Erwin Voloder (ja-JP): はい、ありがとうございます。

Erwin Voloder (en-US): Yes, thank you.

Charles.CANONNE: Seems to be a competition of nerves here, so I could get started if you want. Good morning everybody. Thanks a lot to Blockchain, for Europe, to organising this and thanks a lot to the micro panelist. I'll be very happy to interact with you, especially my colleague from the public sector.

Charles.CANONNE (ja-JP): ここは少し緊張感のある雰囲気ですね。もしよろしければ、私から始めます。皆さん、おはようございます。Blockchain for Europeの皆様、今回の開催に感謝します。また、パネリストの皆様にも感謝いたします。特に官公庁の同僚の方々と意見交換できることを楽しみにしています。

Charles.CANONNE (en-US): It seems there's a bit of tension here, so I'll get started if that's alright. Good morning, everyone. Thank you to Blockchain for Europe for organizing this event, and thank you to all the panelists. I'm especially looking forward to interacting with my colleagues from the public sector.

Charles.CANONNE: Charles Cannon I work here for the digital Finance unit at DG FISMA. So we deal with digital assets, so Mika crypto assets, tokenized financial instruments.

Charles.CANONNE (ja-JP): チャールズ・キャノンです。DG FISMAのデジタルファイナンス部門で働いています。私たちはデジタル資産、MiCA、暗号資産、トークン化された金融商品を担当しています。

Charles.CANONNE (en-US): I'm Charles Cannon. I work in the Digital Finance Unit at DG FISMA. We handle digital assets, MiCA, crypto assets, and tokenized financial instruments.

Charles.CANONNE: As well as other digital issues such as AI and operational resilience.

Charles.CANONNE (ja-JP): また、AIやオペレーショナル・レジリエンスなど、他のデジタル分野も担当しています。

Charles.CANONNE (en-US): We also cover other digital topics such as AI and operational resilience.

Charles.CANONNE: That's it. And I I've recently joined, I previously worked in the EU External Action Service as a finance counsellor in London and previously at the European Banking Authority dealing with banking issues. Thank you so much.

Charles.CANONNE (ja-JP): 以上です。最近このチームに加わりましたが、それ以前はロンドンのEU対外行動庁でファイナンスカウンセラーとして勤務し、その前は欧州銀行監督機構で銀行関連の業務に携わっていました。どうぞよろしくお願いいたします。

Charles.CANONNE (en-US): That's all. I recently joined this team. Previously, I worked as a finance counselor at the EU External Action Service in London, and before that, I was at the European Banking Authority handling banking matters. Thank you.

Erwin Voloder: Wonderful.

Erwin Voloder (ja-JP): ありがとうございます。

Erwin Voloder (en-US): Thank you.

Katsuya Terai: Yeah. Can I introduce myself? Yeah. Hi everyone. I am Katsuya. I I'm working in crypto assets and stablecoin division of the Financial Services Agency of Japan.

Katsuya Terai (ja-JP): 皆さん、こんにちは。私はカツヤと申します。日本の金融庁で暗号資産とステーブルコインの部門に所属しています。

Katsuya Terai (en-US): Hello everyone, my name is Katsuya. I work in the crypto assets and stablecoin division at the Financial Services Agency of Japan.

Katsuya Terai: One of my responsibilities include supervision, crypto assets, exchange services and providers, and other stablecoin projects, and also as well as the.

Katsuya Terai (ja-JP): 私の担当業務の一つは、暗号資産の交換業者やサービスプロバイダー、ステーブルコイン関連プロジェクトの監督です。

Katsuya Terai (en-US): One of my responsibilities is supervising crypto asset exchange service providers and stablecoin projects.

Katsuya Terai: Tokenization projects, so and also I have been enjoying there are very good discussion about the Financial Stability Board as a international level. So I can provide some insights to the participant today. And also I'm so excited to yeah, find some more friends from European side today. So I'm very looking forward to exchange our views. Thank you so much.

Katsuya Terai (ja-JP): トークナイゼーションプロジェクトも担当しています。また、国際的なレベルで金融安定理事会（FSB）に関する非常に有意義な議論が行われていることを嬉しく思っています。本日は参加者の皆様にいくつかのインサイトを提供できればと思います。また、ヨーロッパの皆様と新たな交流ができることを楽しみにしています。本日はどうぞよろしくお願いいたします。

Katsuya Terai (en-US): I'm also involved in tokenization projects. There have been very productive discussions about the Financial Stability Board at the international level, and I hope to share some insights with everyone today. I'm also excited to connect with more colleagues from Europe and look forward to exchanging views. Thank you.

Erwin Voloder: Wonderful. Thank you, Katsuya.

Erwin Voloder (ja-JP): ありがとうございます、勝也さん。

Erwin Voloder (en-US): Thank you, Katsuya.

Erwin Voloder: Flores.

Erwin Voloder (ja-JP): フローレスさん。

Erwin Voloder (en-US): Mr. Flores.

Erwin Voloder: The floor is with us.

Erwin Voloder (ja-JP): それでは、私たちの番です。

Erwin Voloder (en-US): Now it's our turn.

Keisuke Kimura, JCBA: Over our team.

Keisuke Kimura, JCBA (ja-JP): それでは、私たちのチームにバトンを渡します。

Keisuke Kimura, JCBA (en-US): Now, I'll hand it over to our team.

Erwin Voloder: OK.

Erwin Voloder (ja-JP):

Erwin Voloder (en-US):

Marián Caro, Blockchain for Europe: He is Erwin. He is, but he's having some technical issues that me fixes with him. So if you can go ahead in the meantime for the next.

Marián Caro, Blockchain for Europe (ja-JP): アーウィンさんですが、今技術的な問題が発生しているので、私が対応しています。その間、次の議題に進めてください。

Marián Caro, Blockchain for Europe (en-US): Erwin is having some technical issues, and I'm helping him resolve them. In the meantime, please proceed to the next topic.

Keisuke Kimura, JCBA: Yeah, I think she's still in the audience side. So let us fix it, yeah.

Keisuke Kimura, JCBA (ja-JP): 彼女はまだオーディエンス側にいるようですので、こちらで対応します。

Keisuke Kimura, JCBA (en-US): It looks like she's still on the audience side, so we'll take care of it.

Erwin Voloder: OK, no problem. We'll continue with the questions because the first, the first things that I wanted to ask were when we're geared towards the public sector side anyways, Katsuya, we could, we could start with you. So you know, you're on the Japanese side, the Payment Services Act, the most recent reforms, you know, they took effect at the beginning of June this year. And you know, as we've learned, there's a new round of work on digital and decentralized finance.

Erwin Voloder (ja-JP): 問題ありません。それでは質問を続けます。最初にお聞きしたかったのは、パブリックセクターに関する内容でしたので、勝也さんから始めましょう。日本側では、改正資金決済法が今年6月初めに施行されました。そして、デジタルおよび分散型金融に関する新たな取り組みが進んでいると伺っています。

Erwin Voloder (en-US): No problem. Let's continue with the questions. The first topic I wanted to discuss was related to the public sector, so Katsuya, let's start with you. On the Japanese side, the revised Payment Services Act took effect at the beginning of June this year. We've also learned that there is a new round of work on digital and decentralized finance.

Erwin Voloder: That's currently running. That covers things from stable coins to tokenization. So in your view.

Erwin Voloder (ja-JP): 現在進行中の取り組みで、ステーブルコインからトークナイゼーションまで幅広くカバーしています。そこで、あなたのご意見をお聞かせください。

Erwin Voloder (en-US): This ongoing initiative covers a wide range of topics, from stablecoins to tokenization. In your view,

Erwin Voloder: MEN now has experience of putting their stablecoin framework into operation and there's an introduction of further changes. So what has this experience taught the FSA about those conditions that are needed for safe commercial adoption and where do you see the current remaining obstacles?

Erwin Voloder (ja-JP): MENはすでにステーブルコインの枠組みを運用しており、さらに新たな変更も導入されています。この経験から、FSAは安全な商業導入に必要な条件についてどのような知見を得たのでしょうか。また、現時点で残る課題はどこにあると考えますか？

Erwin Voloder (en-US): MEN has already implemented their stablecoin framework, and further changes are being introduced. What has this experience taught the FSA about the necessary conditions for safe commercial adoption, and where do you see the remaining challenges?

Katsuya Terai: Yeah. Thank you. Thank you. So asking, asking this question and I think there's a bit of a colour from the regulatory perspective or standpoint.

Katsuya Terai (ja-JP): ご質問ありがとうございます。規制当局の視点から少し補足させていただきます。

Katsuya Terai (en-US): Thank you for your question. I'd like to add some perspective from the regulatory standpoint.

Katsuya Terai: As explained in the previous slide or previous present presentation provided by Mr. Salo, our stablecoin framework came into effect in 2023. Then so far only two 2 Japanese yen denominated stablecoin's healthy have been issued as a regulatory, you know framework. So that said, so we are still at a very early stage in terms of supervising actual operations.

Katsuya Terai (ja-JP): 先ほどのスライドや佐野さんのプレゼンテーションで説明した通り、私たちのステーブルコインの枠組みは2023年に施行されました。現時点では、規制の枠組みに基づいて発行された日本円建てのステーブルコインは2つのみです。つまり、実際の運用監督については、まだ非常に初期段階にあります。

Katsuya Terai (en-US): As explained in the previous slide and Mr. Salo's presentation, our stablecoin framework came into effect in 2023. So far, only two Japanese yen-denominated stablecoins have been issued under this regulatory framework. We are still at a very early stage in supervising actual operations.

Katsuya Terai: So we have the, yeah, it's true that we have a regulatory framework in place, but we're still building up our supervisory experience around the how it works in practice. So since our original implementation, we have amended our stable ground regulation. For example, we provided the some flexibility in the reserve assets reserve composition, so that is permitted for stable phone issuer.

Katsuya Terai (ja-JP): 確かに規制の枠組みは整っていますが、実際の運用については監督経験を積み上げている段階です。導入以降、ステーブルコイン規制も改正しており、例えば、発行者が保有する準備資産の構成に柔軟性を持たせるなどの対応を行っています。

Katsuya Terai (en-US): It's true that we have a regulatory framework in place, but we're still building up our supervisory experience regarding how it works in practice. Since the original implementation, we've amended our stablecoin regulations. For example, we've allowed more flexibility in the composition of reserve assets for stablecoin issuers.

Katsuya Terai: The idea behind these amendments of growth alongside the consumer protection to make stablecoin more economically sustainable or help stablecoin issuers are being able to, you know, operate sustainably. Yeah.

Katsuya Terai (ja-JP): これらの改正の背景には、消費者保護と成長の両立を図り、ステーブルコインをより経済的に持続可能なものにする、または発行者が持続的に運営できるようにするという考えがあります。

Katsuya Terai (en-US): The purpose of these amendments is to balance growth with consumer protection, making stablecoins more economically sustainable and enabling issuers to operate sustainably.

Katsuya Terai: So of course, we know we gotta try to make the Japanese stablecoin more competitive given our international trends are like taking place in other major jurisdictions.

Katsuya Terai (ja-JP): もちろん、日本のステーブルコインを国際的な動向や他の主要な法域の状況を踏まえて、より競争力のあるものにしていく必要があると認識しています。

Katsuya Terai (en-US): Of course, we recognize the need to make Japanese stablecoins more competitive, especially in light of international trends and developments in other major jurisdictions.

Erwin Voloder: Before I get to, has florist joined us?

Erwin Voloder (ja-JP): その前に、フロリストさんは参加されていますか？

Erwin Voloder (en-US): Before I continue, has Florist joined us?

JCBA: Yes, I have. Can you see and hear me now?

JCBA (ja-JP): はい、確認できました。映像と音声は問題ありません。

JCBA (en-US): Yes, I can. Your video and audio are coming through clearly.

Erwin Voloder: Fantastic. Thank you.

Erwin Voloder (ja-JP): ありがとうございます。

Erwin Voloder (en-US): Thank you.

Erwin Voloder: Wonderful. Maybe a brief introduction on your end before I jump to the next questions.

Erwin Voloder (ja-JP): 素晴らしいです。次の質問に移る前に、簡単に自己紹介をお願いします。

Erwin Voloder (en-US): Great. Could you briefly introduce yourself before we move on to the next questions?

JCBA: So Floors left. I'm the CFO of Kefalas. Kefales is a European euro stablecoin issuer and we are a standalone company, but we are owned by a consortium of 37 European banks.

JCBA (ja-JP): フロアスと申します。私はケファレスのCFOです。ケファレスはヨーロッパのユーロ建てステーブルコイン発行会社で、独立した企業ですが、37の欧州銀行のコンソーシアムが親会社です。

JCBA (en-US): My name is Floors, and I'm the CFO of Kefalas. Kefalas is a European euro stablecoin issuer. We're an independent company, but we're owned by a consortium of 37 European banks.

Erwin Voloder: Fantastic. Thank you, Flores. Charles, moving on to, you know, as we're all acutely aware on this side of the world that the targeted consultation on Mika recently closed and obviously BC for EU and our members worked diligently on submitting a reply, you know and it covers a wide ambit of things.

Erwin Voloder (ja-JP): ありがとうございます、フローレスさん。ではチャールズさん、次の話題に移ります。ご存知の通り、こちらの地域ではMiCAに関するターゲットコンサルテーションが最近終了しました。BC for EUとそのメンバーも、幅広い内容をカバーした回答を提出するために尽力しました。

Erwin Voloder (en-US): Thank you, Flores. Charles, moving on. As you know, the targeted consultation on MiCA recently closed here, and BC for EU and our members worked hard to submit a comprehensive response covering a wide range of topics.

Erwin Voloder: And examines implementation, whether certain legislative changes are warranted so.

Erwin Voloder (ja-JP): また、実施状況を検証し、必要に応じて法改正の必要性も検討しています。

Erwin Voloder (en-US): It also examines implementation and considers whether certain legislative changes are necessary.

Erwin Voloder: You know, as the Commission is assessing its responses to the Mica review, you know, looking specifically at the topics were we're discussing here today, what appeared to be the most, what issues rather appear to be the most important for the development of a competitive European stablecoin market? And, you know, how would you distinguish problems that require changes to legislation from ones that could sort of be addressed through maybe just clear interpretation or a more consistent supervision?

Erwin Voloder (ja-JP): 欧州委員会がMICAレビューの回答を評価する中で、本日議論しているテーマに関連して、競争力のある欧州ステーブルコイン市場の発展にとって最も重要な課題は何だとお考えでしょうか。また、法改正が必要な問題と、明確な解釈や一貫した監督によって対応できる問題は、どのように区別されるとお考えですか？

Erwin Voloder (en-US): As the Commission reviews the responses to the MICA consultation, focusing on today's topics, what do you see as the most important issues for developing a competitive European stablecoin market? And how would you distinguish between problems that require legislative changes and those that could be addressed through clearer interpretation or more consistent supervision?

Charles.CANONNE: Thanks a lot for your questionnaire. If you allow me, I'd like to say a few words to sort of compare and contrast with what Katsuya said as well. Simply as he as he explained that they are in this build up phase and trying to build a supervisory experience and the actual demand for the stablecoin framework in Japan. And to an extent maybe we at the next stage, but we are not that far, far, far ahead in the sense that our framework has met some demand.

Charles.CANONNE (ja-JP): アンケートありがとうございます。もしよろしければ、勝谷さんのお話と比較しながら少しコメントさせてください。彼が説明した通り、日本では現在、監督体制の構築やステーブルコインの枠組みに対する実際の需要に取り組んでいる段階です。私たちは次の段階に進んでいるかもしれませんが、実際にはそれほど大きな差があるわけではなく、私たちの枠組みも一定の需要に応えている状況です。

Charles.CANONNE (en-US): Thank you very much for your questionnaire. If I may, I'd like to briefly comment and compare with what Katsuya mentioned. As he explained, Japan is currently in the process of building a supervisory framework and responding to the actual demand for a stablecoin framework. We may be at the next stage, but in reality, we're not that far ahead—our framework has also met some demand.

Marián Caro, Blockchain for Europe: Thank you.

Marián Caro, Blockchain for Europe (ja-JP): ありがとうございます。

Marián Caro, Blockchain for Europe (en-US): Thank you.

Charles.CANONNE: And we have 46 E money tokens that that's how we call the stablecoin in Europe, including twenty in euro. And we see an acceleration with the likes of Florises Consortium, Key Valleys or Octadi Agricol and so on. So it seems to be accelerating, but at the same time there are challenges and that's the way of introducing the Mika consultation. I think on the one hand we have a quite shared.

Charles.CANONNE (ja-JP): ヨーロッパではステーブルコインをEマネートークンと呼んでおり、現在46種類、そのうち20種類がユーロ建てです。フローリス・コンソーシアムやキー・バリーズ、オクタディ・アグリコルなどの参入により、加速している状況です。ただし、同時に課題もあり、これがMiCAコンサルテーションの導入につながっています。一方で、私たちには共通認識もあります。

Charles.CANONNE (en-US): In Europe, we refer to stablecoins as E-money tokens, and currently there are 46 of them, including 20 denominated in euros. We're seeing acceleration with players like Florises Consortium, Key Valleys, and Octadi Agricol entering the market. However, there are also challenges, which is why we're introducing the MiCA consultation. On the other hand, we do share some common ground.

Charles.CANONNE: Died to accelerate issuances and especially the euro issuances. And on the other hand, a big topic is how to get the balance right in terms of openness versus control when it comes to inbound access for foreign stablecoin. So that's a bit of context. And so against this background, indeed we are consulting on the Mika regulation, which is our main crypto end stablecoin crypto asset services.

Charles.CANONNE (ja-JP): 発行を加速させる、特にユーロ建ての発行を促進する動きが進んでいます。一方で、外国のステーブルコインのインバウンドアクセスに関して、オープンさとコントロールのバランスをどう取るかが大きな課題となっています。こうした背景のもと、私たちは現在、主要な暗号資産およびステーブルコインのサービスに関するMika規制についてコンサルテーションを行っています。

Charles.CANONNE (en-US): We're working to accelerate issuances, especially euro-denominated stablecoins. At the same time, a major topic is finding the right balance between openness and control for inbound access to foreign stablecoins. Against this backdrop, we're currently consulting on the Mika regulation, which is our main framework for crypto and stablecoin asset services.

Charles.CANONNE: Framework.

Charles.CANONNE (ja-JP): フレームワークについては、ヨーロッパでも需要が高まっており、複数のEマネートークンが発行されています。日本と同様に、課題もありますが、進展も見られます。

Charles.CANONNE (en-US): Regarding the framework, we are seeing growing demand in Europe as well, with multiple e-money tokens being issued. Like in Japan, there are challenges, but we are also making progress.

Charles.CANONNE: Both to see if we got it right in terms of the actual rules, the current rules, as well as to pick up on some issues that were not mature enough at the time. It was said that Blockchain Europe was created at the same time as the sort of Inception ID for the Mika consultation. So you could see that it was sort of in on the drawing table already back in 2018. So indeed.

Charles.CANONNE (ja-JP): 現行ルールが適切かどうか、また当時は十分に議論されていなかった課題についても確認しています。Blockchain Europeは、Mikaコンサルテーションの構想が生まれた時期と同時期に設立されたと言われています。つまり、2018年にはすでに検討が始まっていたということです。

Charles.CANONNE (en-US): We're reviewing whether the current rules are appropriate and also addressing issues that weren't fully considered at the time. Blockchain Europe was established around the same time as the initial idea for the Mika consultation, so discussions were already underway as early as 2018.

Charles.CANONNE: So now specifically on stable coins, the topics that are.

Charles.CANONNE (ja-JP): それでは、ステーブルコインに関して具体的なトピックについてお話しします。

Charles.CANONNE (en-US): Now, let's discuss the specific topics related to stablecoins.

Charles.CANONNE: Clearly candidate for discussion on whether we got it right. As I said, there's this, there's the obviously the prudential regime. Did we get the reserves right? And so there is the place of banking deposits. As people may know, we have chosen in order to not completely disintermediate our economy to require stablecoin issuers that are not bank.

Charles.CANONNE (ja-JP): これは明らかに議論の候補となるテーマです。先ほど申し上げたように、プルーデンシャル規制や準備金の設定が適切だったかどうか、そして銀行預金の位置付けについても検討が必要です。ご存知の通り、経済の完全なディスインターメディエーションを避けるため、銀行でないステーブルコイン発行者には特定の要件を課すことにしました。

Charles.CANONNE (en-US): This is clearly a topic for discussion. As I mentioned, we need to consider whether the prudential regime and reserve requirements were appropriate, as well as the role of bank deposits. As you may know, to avoid complete disintermediation of our economy, we've decided to impose certain requirements on stablecoin issuers that are not banks.

Charles.CANONNE: To place 30% of their reserved on bank deposits.

Charles.CANONNE (ja-JP): 準備金の30％を銀行預金として保有することを求めています。

Charles.CANONNE (en-US): They are required to hold 30% of their reserves in bank deposits.

Charles.CANONNE: And even more for significant E money tokens. So there are alternatives being discussed.

Charles.CANONNE (ja-JP): さらに、重要なEマネートークンについては、より高い比率が求められています。現在、さまざまな代替案も議論されています。

Charles.CANONNE (en-US): For significant e-money tokens, an even higher ratio is required. Various alternatives are currently being discussed.

Charles.CANONNE: Should there be more highly liquid forms of reserves that would not be banking deposits? Obviously there's this issue of central bank eligibility, which I think is perhaps more.

Charles.CANONNE (ja-JP): 銀行預金以外の、より流動性の高い準備資産の形態を検討すべきでしょうか。中央銀行の適格性という課題もあり、これはさらに重要かもしれません。

Charles.CANONNE (en-US): Should we consider more highly liquid forms of reserves beyond bank deposits? There's also the issue of central bank eligibility, which may be even more important.

Charles.CANONNE: Available in other jurisdictions.

Charles.CANONNE (ja-JP): 他の法域でも利用可能です。

Charles.CANONNE (en-US): This is also available in other jurisdictions.

Charles.CANONNE: So there's reserves, there's own funds.

Charles.CANONNE (ja-JP): 準備金と自己資本の両方について議論されています。

Charles.CANONNE (en-US): We're discussing both reserves and own funds.

Charles.CANONNE: But non baggage issuers including when they are banks consortium such as the Civalis florist might talk about that. So banks are subject to the normal capital regimes and non bank issuers are subject to something more simple, but perhaps in certain regards more onerous with a two 3%.

Charles.CANONNE (ja-JP): ただし、銀行コンソーシアムのようなノンバンク発行体、例えばCivalis Floristのようなケースについても触れておきます。銀行は通常の資本規制の対象ですが、ノンバンク発行体はよりシンプルですが、場合によっては2〜3％の要件など、より厳しい規制が課されることもあります。

Charles.CANONNE (en-US): However, I'd also like to mention non-bank issuers, such as bank consortiums like Civalis Florist. Banks are subject to standard capital requirements, while non-bank issuers face simpler but sometimes more stringent requirements, such as a 2–3% capital ratio.

Charles.CANONNE: Of their reserves.

Charles.CANONNE (ja-JP): 彼らの準備金についてです。

Charles.CANONNE (en-US): Regarding their reserves.

Charles.CANONNE: In terms of own funds, so there are ideas that have been floated in the consultation about making this a bit more.

Charles.CANONNE (ja-JP): 自己資本に関しては、コンサルテーションの中でこれをもう少し強化するという案も出ています。

Charles.CANONNE (en-US): Regarding own funds, there have been suggestions in the consultation to strengthen these requirements further.

Charles.CANONNE: Risk base a bit more proportionate and perhaps to an extent.

Charles.CANONNE (ja-JP): リスクベースのアプローチをもう少し適切に、そしてある程度まで調整するという考えも出ています。

Charles.CANONNE (en-US): There's also the idea of making the risk-based approach more proportionate and balanced to some extent.

Charles.CANONNE: More similar to the banking regime and the internal model regime, at least that's how I read it. Of course, all this comes also at the cost of complexity. So on I mentioned reserve, I mentioned owned funds. Yield is a is a big topic in the consultation and we got a lot of ideas there. I think the issue of getting some forms of remuneration for stable coins in exchange for services.

Charles.CANONNE (ja-JP): 銀行規制や内部モデル規制により近い形になると私は理解しています。ただし、その分複雑さも増します。リザーブや自己資本について触れましたが、イールドもコンサルテーションで大きなテーマです。ステーブルコインに対するサービス提供の対価として、何らかの報酬を得る方法について多くの意見が出ています。

Charles.CANONNE (en-US): It's becoming more similar to the banking and internal model regimes, at least that's my understanding. Of course, this also increases complexity. I mentioned reserves and own funds, but yield is also a major topic in the consultation. We've received many ideas about how to provide some form of remuneration for stablecoins in exchange for services.

Charles.CANONNE: This is relatively consensus issue and therefore it's more of a technical issue. Some jurisdictions are more advanced like the UK in terms of the staking, lending, borrowing framework. And once you've done that, then you start delineating basically situations where you can get money in exchange for parking your stable coins. The issue of yield itself in terms of.

Charles.CANONNE (ja-JP): これは比較的コンセンサスのある課題で、技術的な側面が中心です。イギリスなど一部の国では、ステーキングやレンディング、借入の枠組みが進んでいます。そうした枠組みが整うと、ステーブルコインを預けることで報酬を得られる状況が明確になってきます。イールドの問題については、

Charles.CANONNE (en-US): This is largely a consensus issue and mainly technical. Some jurisdictions, like the UK, are more advanced in their frameworks for staking, lending, and borrowing. Once those frameworks are established, it becomes clearer how you can earn money by parking your stablecoins. The issue of yield itself is about

Charles.CANONNE: Almost stable coins acting as an investment is far less consensual, clearly.

Charles.CANONNE (ja-JP): ステーブルコインが投資商品として機能することについては、明確にコンセンサスが取れていません。

Charles.CANONNE (en-US): There's much less consensus when it comes to stablecoins functioning as investment products.

Charles.CANONNE: Looking at the consultation response, some are concerned about crossing the line between money and investments. Some are concerned with the risk of putting other forms of money at a disadvantage with stable coins. But there is also the relevant comparison with, say, tokenized money market funds, for example, that bear yield and might be used.

Charles.CANONNE (ja-JP): コンサルテーションの回答を見ると、マネーと投資の境界を越えることを懸念する声があります。また、ステーブルコインによって他の形態のマネーが不利になるリスクを指摘する意見もあります。一方で、利回りを生むトークン化されたマネーマーケットファンドのような商品との比較も重要です。

Charles.CANONNE (en-US): Looking at the consultation responses, some are concerned about crossing the line between money and investments. Others are worried that stablecoins could put other forms of money at a disadvantage. There's also a relevant comparison with tokenized money market funds, which offer yield and could be used in similar ways.

Charles.CANONNE: For payment or collateral.

Charles.CANONNE (ja-JP): 支払いや担保として利用される場合もあります。

Charles.CANONNE (en-US): They can also be used for payment or as collateral.

Charles.CANONNE: So it's a, it's an open question and a complex 1. And then I did mention the issue of the balance of control versus openness in terms of inbound access. And so multi issuance is obviously one of the key consideration in the MICA consultation.

Charles.CANONNE (ja-JP): これはまだ議論の余地があり、複雑な問題です。また、インバウンドアクセスに関するコントロールとオープン性のバランスについても触れました。マルチイシューはMICAの協議でも重要な検討事項の一つです。

Charles.CANONNE (en-US): This remains an open and complex issue. I also mentioned the balance between control and openness regarding inbound access. Multi-issuance is one of the key considerations in the MICA consultation.

Charles.CANONNE: I think if you compare to other areas of the financial rule books such as banking, there is never a free lunch. I mean across inbound access is always.

Charles.CANONNE (ja-JP): 他の金融規制、例えば銀行業と比較しても、常に“ただ乗り”はありません。インバウンドアクセスについても同様です。

Charles.CANONNE (en-US): If you compare this to other areas of financial regulation, such as banking, there's never a free lunch. The same applies to inbound access.

Charles.CANONNE: Governed by a number of mechanisms, one of them is subsidiarisation or domestic licensing, and so our multi issuance framework is a way to Open Access to the European market in exchange for.

Charles.CANONNE (ja-JP): いくつかの仕組みで管理されていますが、その一つがサブシディアリゼーションや国内ライセンスです。私たちのマルチイシュアンスフレームワークは、ヨーロッパ市場へのオープンアクセスを提供する方法の一つです。

Charles.CANONNE (en-US): There are several mechanisms in place, including subsidiarisation and domestic licensing. Our multi-issuance framework is one way to provide open access to the European market.

Charles.CANONNE: Local issuance, some feel in the positions are publicly known right that it's not enough or it creates risk of asymmetric demand for redemption on the EU entities.

Charles.CANONNE (ja-JP): ローカル発行については、公開されている立場の中には、それだけでは不十分だとか、EUの事業体に対して償還需要が非対称に発生するリスクがあると指摘する声もあります。

Charles.CANONNE (en-US): Regarding local issuance, some publicly known positions argue that it's not sufficient, or that it creates a risk of asymmetric redemption demand on EU entities.

Charles.CANONNE: Some others might find it actually a bit onerous and wish for a sort of American system that would have equivalent combined with local licensing but not local issuance. You asked me how that would translate in terms of Mika 2 and etcetera. As you can imagine, this is really above my pay grade in the sense that this is a political decision that's to be made.

Charles.CANONNE (ja-JP): 他の方々は、実際には少し負担が大きいと感じて、アメリカ型のシステム、つまり現地ライセンスは必要だが現地発行は不要という仕組みを望むかもしれません。Mika 2などの観点でそれがどうなるかご質問いただきましたが、これは私の権限を超える、政治的な判断が必要な事項です。

Charles.CANONNE (en-US): Others may find this approach burdensome and prefer an American-style system, where local licensing is required but not local issuance. As for how this would translate under MiCA 2 and similar regulations, this is ultimately a political decision beyond my authority.

Charles.CANONNE: By the Commission as a collegial body.

Charles.CANONNE (ja-JP): 欧州委員会が合議体として決定します。

Charles.CANONNE (en-US): This decision will be made by the Commission as a collegial body.

Charles.CANONNE: Obviously, we are doing our job. We are doing a Mika review. It's due I think mid 27, but very soon now we should at least give some sense of the consultation responses and then work on the appropriate response. I'm careful, but you can imagine that we are looking at these issues seriously and we'll put forward measures as necessary.

Charles.CANONNE (ja-JP): 当然、私たちは自分たちの役割を果たしています。Mikaの見直しも進めており、期限は2027年半ばですが、近いうちにコンサルテーションの回答内容をお伝えし、その上で適切な対応策を検討します。慎重に進めていますが、これらの課題には真剣に取り組んでおり、必要に応じて対策を講じる予定です。

Charles.CANONNE (en-US): Of course, we're doing our job. We're conducting a Mika review, which is due around mid-2027, but soon we'll share some insights from the consultation responses and then work on the appropriate measures. We're proceeding carefully, but you can be sure we're taking these issues seriously and will take action as needed.

Charles.CANONNE: And the response, the policy response.

Charles.CANONNE (ja-JP): そして、その政策対応についてです。

Charles.CANONNE (en-US): And regarding the policy response.

Erwin Voloder: Very, very and thank you very much for your quite candid reply. Actually, I think a lot of the things you touched on especially around the reserve composition, obviously issues around redemption and you know you stress this tension between direct and in indirect rewards right in the transmission channels there. And these are obviously questions that we within our membership are discussing, but I think are definitely from a market perspective also quite prescient given that their issues I think that most jurisdictions are.

Erwin Voloder (ja-JP): ご率直なご回答、誠にありがとうございます。特にリザーブの構成や償還に関する課題、また直接的・間接的なリワードの伝達経路における緊張感について触れていただきましたが、これらは私たちのメンバー内でも議論している重要なテーマです。市場の観点からも非常にタイムリーな課題だと感じています。多くの国や地域で共通して直面している問題だと思います。

Erwin Voloder (en-US): Thank you very much for your candid response. You touched on important topics like reserve composition, redemption issues, and the tension between direct and indirect rewards in transmission channels. These are key topics we're also discussing within our membership, and I think they're very timely issues from a market perspective, as many jurisdictions are facing similar challenges.

Erwin Voloder: Facing given that these services are being offered essentially everywhere turning to you Flores, given that Cavalas recently announced its E money, its EMI authorization through the DMB. So the in the launch a bunk in the Netherlands and you already mentioned that it's the, I think it's the largest consortium-backed project stablecoin project in Europe right now with, you know, 37.

Erwin Voloder (ja-JP): これらのサービスがほぼすべての地域で提供されている現状を踏まえ、フローレスさんにお伺いします。カバラスが最近、DMBを通じて電子マネーの認可を取得し、オランダでバンクを立ち上げたと発表しました。すでにご説明いただいた通り、現在ヨーロッパ最大のコンソーシアム主導のステーブルコインプロジェクトであり、37社が参加しています。

Erwin Voloder (en-US): Given that these services are now available almost everywhere, I'd like to turn to you, Flores. Cavalas recently announced its E-money authorization through the DMB and launched a bank in the Netherlands. As you mentioned, it's currently the largest consortium-backed stablecoin project in Europe, with 37 participants.

Erwin Voloder: Plus banks.

Erwin Voloder (ja-JP): 37以上の銀行が参加しています。

Erwin Voloder (en-US): More than 37 banks are involved.

Erwin Voloder: Following your authorization.

Erwin Voloder (ja-JP): 認可取得後についてですが、

Erwin Voloder (en-US): Following your authorization,

Erwin Voloder: What are the customer problems that you're focusing on to generate demand in terms of the adoption of Eurostable coins? And I think as a follow on to that sort of what does bringing, what does bringing a group of banks behind a common atonement, behind a common token, sorry, actually make possible for the customer?

Erwin Voloder (ja-JP): ユーロステーブルコインの導入を促進するために、どのような顧客課題に注力していますか？また、複数の銀行が共通のトークンを支援することで、顧客にどのような価値や可能性が生まれるのでしょうか？

Erwin Voloder (en-US): What customer challenges are you focusing on to drive adoption of euro stablecoins? And as a follow-up, what value does bringing a group of banks together behind a common token actually create for customers?

Floris Lugt, Qivalis: So to answer that, I think it's good to explain a bit what is the vision behind the consortium of banks. So the consortium was formed by the banks themselves and the idea behind that was that they see blockchain technology or DLT as really de new technology for payment and market infrastructure in general.

Floris Lugt, Qivalis (ja-JP): ご質問にお答えするために、まず銀行コンソーシアムのビジョンについて少し説明します。このコンソーシアムは銀行自身によって設立され、背景には、ブロックチェーンやDLTが決済や市場インフラの新しい技術になるという認識があります。

Floris Lugt, Qivalis (en-US): To answer your question, let me briefly explain the vision behind the bank consortium. The consortium was established by the banks themselves, based on the belief that blockchain and DLT are the next-generation technologies for payments and market infrastructure.

Floris Lugt, Qivalis: Which which requires quite a significant change going forward to the existing infrastructure.

Floris Lugt, Qivalis (ja-JP): これは、既存のインフラに対して今後大きな変革が必要になるということです。

Floris Lugt, Qivalis (en-US): This will require significant changes to the existing infrastructure going forward.

Floris Lugt, Qivalis: But.

Floris Lugt, Qivalis (ja-JP):

Floris Lugt, Qivalis (en-US):

Floris Lugt, Qivalis: That is due to the significant benefits that blockchain brings, so atomic settlement, 24/7, instant globally, adding programmability, etcetera. So.

Floris Lugt, Qivalis (ja-JP): それは、ブロックチェーンがもたらす大きなメリットが理由です。例えば、アトミック・セトルメントや24時間365日即時のグローバル決済、プログラマビリティの追加などが挙げられます。

Floris Lugt, Qivalis (en-US): That's because blockchain offers significant benefits, such as atomic settlement, 24/7 instant global transactions, and added programmability.

Floris Lugt, Qivalis: What that requires is the development of interbank settlement infrastructure so the banks themselves see themselves still as providing their customers with access to payments to capital markets.

Floris Lugt, Qivalis (ja-JP): これには、銀行間決済インフラの開発が必要です。銀行は引き続き、自社の顧客に決済や資本市場へのアクセスを提供する役割を担うと考えています。

Floris Lugt, Qivalis (en-US): This requires the development of interbank settlement infrastructure. Banks still see themselves as providing their customers with access to payments and capital markets.

Floris Lugt, Qivalis: Other types of financial markets, whether that's home chain or more on the traditional infrastructure, so they see themselves as offering wallets, offering custody solutions for example.

Floris Lugt, Qivalis (ja-JP): 他の種類の金融市場、オンチェーンでも従来型インフラでも、銀行は自分たちをウォレットやカストディソリューションの提供者と位置付けています。

Floris Lugt, Qivalis (en-US): In other types of financial markets, whether on-chain or using traditional infrastructure, banks see themselves as providers of wallets and custody solutions.

Floris Lugt, Qivalis: But to enable that interbank settlement, that requires collaboration on the infrastructure level, and one of these infrastructure elements is the settlement asset.

Floris Lugt, Qivalis (ja-JP): しかし、そのインターバンク決済を実現するためには、インフラレベルでの協力が必要です。そして、そのインフラ要素の一つが決済アセットです。

Floris Lugt, Qivalis (en-US): However, to enable interbank settlement, collaboration at the infrastructure level is required, and one key element of that infrastructure is the settlement asset.

Floris Lugt, Qivalis: And that is why the banks joined forces and said we need to jointly issue a euro stablecoin.

Floris Lugt, Qivalis (ja-JP): そのため、銀行は協力してユーロ建てステーブルコインを共同発行する必要があると決断しました。

Floris Lugt, Qivalis (en-US): That's why the banks decided to work together to jointly issue a euro stablecoin.

Floris Lugt, Qivalis: By a standalone company and that has become key values that by the way doesn't mean that stablecoin's are the only means of settlement asset proceed by the banks have tokenized deposits. I think we'll come to talk about that is another one. And CBDC is another important one as well. But it means it's a broader vision of moving markets on chain more specifically to your questionnaire. And So what are the first applications then or use cases that we foresee or that the bank foresee well.

Floris Lugt, Qivalis (ja-JP): 独立した企業によって発行されること、これが重要な価値となっています。ただし、これはステーブルコインだけが銀行による決済資産の手段という意味ではありません。銀行はトークン化された預金も進めていますし、CBDCも重要な選択肢です。つまり、市場をオンチェーン化するというより広いビジョンがあるということです。ご質問に関連して、最初のユースケースやアプリケーションとして銀行が想定しているものについてお話しします。

Floris Lugt, Qivalis (en-US): Being issued by a standalone company has become a key value. However, this doesn't mean that stablecoins are the only settlement assets banks are considering. Banks are also working on tokenized deposits, and CBDCs are another important option. This reflects a broader vision of moving markets on-chain. To address your question, let me talk about the initial applications or use cases that banks are anticipating.

Floris Lugt, Qivalis: We now indeed received our license and we hope to launch very soon within the next one or two months. The first use cases that we will launch with our first, we want to be active in the crypto trading and DeFi market, which is what most of the stablecoin volume is used for nowadays, but in U.S. dollar rather than in Europe, threatening the strategic autonomy of.

Floris Lugt, Qivalis (ja-JP): 私たちはすでにライセンスを取得しており、今後1〜2か月以内にローンチできることを期待しています。最初のユースケースとして、暗号資産取引やDeFi市場で積極的に活動したいと考えています。現在、ステーブルコインの大部分は米ドルで取引されており、欧州の戦略的自律性が脅かされています。

Floris Lugt, Qivalis (en-US): We have now received our license, and we hope to launch within the next one or two months. Our initial use cases will focus on crypto trading and the DeFi market, which is where most stablecoin volume is currently concentrated, mainly in U.S. dollars rather than in Europe, posing a threat to strategic autonomy.

Floris Lugt, Qivalis: European markets, so that is another reason why the banks wanted to be active in this.

Floris Lugt, Qivalis (ja-JP): ヨーロッパ市場の戦略的自律性を守るため、銀行がこの分野に積極的に関与したいと考えた理由の一つです。

Floris Lugt, Qivalis (en-US): Protecting the strategic autonomy of European markets is another reason why the banks wanted to be involved in this.

Floris Lugt, Qivalis: In this area.

Floris Lugt, Qivalis (ja-JP): この分野においてです。

Floris Lugt, Qivalis (en-US): In this area.

Floris Lugt, Qivalis: And next to that, the banks do want to develop the more traditional use cases, So cross-border payments not within Europe, but from Europe to other parts of the world, that is the top use case that the banks foresee. And next to that, using the stablecoin to settle any type of tokenized assets, in particular tokenized securities for the more shorter.

Floris Lugt, Qivalis (ja-JP): さらに、銀行はより伝統的なユースケースの開発も目指しています。ヨーロッパ内ではなく、ヨーロッパから他地域へのクロスボーダー決済が最も重要なユースケースと考えられています。また、ステーブルコインを使って、特にトークン化された証券など、さまざまなトークン化資産の決済を行うことも想定されています。

Floris Lugt, Qivalis (en-US): In addition, banks are looking to develop more traditional use cases. The top use case they foresee is cross-border payments from Europe to other regions, not just within Europe. They also plan to use stablecoins to settle various tokenized assets, especially tokenized securities for shorter settlement cycles.

Floris Lugt, Qivalis: The banks that are backing Tivallis are also collaborating in user groups.

Floris Lugt, Qivalis (ja-JP): Tivallisを支援している銀行は、ユーザーグループでも連携しています。

Floris Lugt, Qivalis (en-US): The banks supporting Tivallis are also working together in user groups.

Floris Lugt, Qivalis: So to develop an infrastructure, you need a network of banks to agree on the infrastructure standards. So you always need to collaborate as banks and again they're the most important use cases are cross-border payments, B2B, so mostly for corporates but later also for retail customers and Indeed.

Floris Lugt, Qivalis (ja-JP): インフラを構築するには、銀行同士がインフラの標準に合意するネットワークが必要です。銀行は常に協力し合う必要があり、最も重要なユースケースはクロスボーダー決済、特にB2B、つまり主に法人向けですが、将来的には個人向けにも展開される予定です。

Floris Lugt, Qivalis (en-US): To develop the infrastructure, you need a network of banks to agree on common standards. Banks must collaborate, and the most important use cases are cross-border payments, mainly B2B for corporates, but eventually also for retail customers.

Floris Lugt, Qivalis: Yeah, settling token, any type of tokenized assessment.

Floris Lugt, Qivalis (ja-JP): はい、あらゆる種類のトークナイズドアセットの決済ですね。

Floris Lugt, Qivalis (en-US): Yes, settling any type of tokenized asset.

Charles.CANONNE: Can take a wide form including including regulatory amendments, but also interpretational guidance and I mean all the things in the toolbox at our disposal as long as they're efficient. I think it was a comprehensive overview. And floor is back to you, Edwin. Thank.

Charles.CANONNE (ja-JP): 規制改正だけでなく、解釈ガイダンスなど、私たちが活用できるあらゆる手段が含まれます。重要なのは、それらが効果的であることです。包括的な概要だったと思います。それでは、エドウィンさんにお戻しします。ありがとうございました。

Charles.CANONNE (en-US): This can include not only regulatory amendments, but also interpretational guidance and any other tools at our disposal, as long as they're effective. I think that was a comprehensive overview. Edwin, back to you. Thank you.

Erwin Voloder: Fantastic. Fantastic. Thank you very much. And I fully agree that if you look at the global volumes right now in terms of where most of the settlement is happening, it's obviously in the liquidity pools in the C5 and DeFi markets. But and I forget what the exact figure was, but I think it's 200 or 300 billion.

Erwin Voloder (ja-JP): 素晴らしいです。ありがとうございます。おっしゃる通り、現在のグローバルな取引量を見ると、決済の多くは明らかにCeFiやDeFi市場の流動性プールで行われています。正確な数字は忘れましたが、確か2,000億か3,000億だったと思います。

Erwin Voloder (en-US): That's fantastic, thank you very much. I completely agree—if you look at global transaction volumes, most settlements are clearly happening in the liquidity pools of CeFi and DeFi markets. I don't recall the exact number, but I believe it's around 200 or 300 billion.

Erwin Voloder: In terms of cross-border payments and actual payments use cases, which is still a rounding error if you think about it in the grand scheme of things, but definitely.

Erwin Voloder (ja-JP): クロスボーダー決済や実際の支払いのユースケースについては、全体から見るとまだごくわずかですが、確実に存在しています。

Erwin Voloder (en-US): When it comes to cross-border payments and real-world payment use cases, it's still a very small portion in the grand scheme of things, but it definitely exists.

Erwin Voloder: Interesting to see how this develops going forward. Do do we have do we have Ken with us as well?

Erwin Voloder (ja-JP): 今後どのように展開していくのか興味深いですね。ケンさんもご参加されていますか？

Erwin Voloder (en-US): It will be interesting to see how this develops going forward. Is Ken with us as well?

Ken Kawai: Yeah, I'm here.

Ken Kawai (ja-JP): はい、参加しています。

Ken Kawai (en-US): Yes, I'm here.

Erwin Voloder: Wonderful. From your perspective. So we know that there's also initiatives in Japan involving several major banks, MUFG, Mizuho, etcetera.

Erwin Voloder (ja-JP): 素晴らしいです。日本でも三菱UFJ銀行やみずほ銀行など、複数の大手銀行が関与する取り組みが進んでいることはご存知かと思いますが、その点についてご意見をお聞かせください。

Erwin Voloder (en-US): Wonderful. From your perspective, we know there are also initiatives in Japan involving several major banks like MUFG and Mizuho. Could you share your thoughts on that?

Erwin Voloder: Where do you see sort of the strongest similarities with the European approach and what difference is in the legal structure or distribution kind of matter commercially also from the perspective of what you see happening in Japan? And also if you would be so kind as to give a short introduction, who you are, what you do and as we move forward?

Erwin Voloder (ja-JP): ヨーロッパのアプローチと最も強い類似点はどこにあるとお考えですか？また、法的構造や流通の観点で、商業的にどのような違いがあると感じますか？日本で起きていることと比較してご意見をお聞かせください。それから、簡単に自己紹介もお願いできますか。ご自身の役割やご担当についてもお話しいただけると助かります。

Erwin Voloder (en-US): Where do you see the strongest similarities with the European approach, and what differences do you notice in terms of legal structure or distribution from a commercial perspective, especially compared to what's happening in Japan? Also, could you briefly introduce yourself and your role as we continue?

Ken Kawai: My name is Ken Kawai. Thank you. Thank you for the introduction and the questions. My name is Ken Kawaii, lawyer and the partner Anderson Maria and Thomas Nay. And also I'm a head of the JCBA stablecoin working group. Right now we are discussing the use cases on how to.

Ken Kawai (ja-JP): 川合健と申します。ご紹介とご質問ありがとうございます。私はアンダーソン・毛利・友常法律事務所のパートナー弁護士であり、JCBAステーブルコインワーキンググループのリーダーも務めています。現在、私たちはステーブルコインのユースケースについて議論しています。

Ken Kawai (en-US): My name is Ken Kawai. Thank you for the introduction and the questions. I'm a partner at Anderson Mori & Tomotsune and a lawyer. I also lead the JCBA Stablecoin Working Group. Currently, we're discussing use cases for stablecoins.

Ken Kawai: Develop the commercial use cases right now, so the with regard to the.

Ken Kawai (ja-JP): 現在、商業利用のユースケースを検討しています。

Ken Kawai (en-US): We are currently developing commercial use cases.

Ken Kawai: The banks issuing stabilize several banks are would like to issue the stable coins in Japan. So the as you mentioned the missile and the MEFG and SMBC are coordinating it among themselves to issue stable coins. So the similarity is that they understand that not so many stable coins.

Ken Kawai (ja-JP): 日本では複数の銀行がステーブルコインの発行を検討しています。ご指摘の通り、みずほ、三菱UFJ、三井住友が連携してステーブルコインの発行を進めています。共通点として、現時点では多くのステーブルコインが存在しないことを理解しています。

Ken Kawai (en-US): Several banks in Japan are considering issuing stablecoins. As you mentioned, Mizuho, MUFG, and SMBC are coordinating among themselves to issue stablecoins. They share the understanding that there are not many stablecoins in the market yet.

Ken Kawai: It's not always good from the market use case perspective and if the Japanese banks are working together on the issue one stable coins then it's going to be a major seats representing the Japanese yen values. The most commercial cases are considered to be settling the cross-border payments or using for the let's say the.

Ken Kawai (ja-JP): 市場のユースケースの観点からは必ずしも良いとは限りませんが、日本の銀行が協力して1つのステーブルコインを発行する場合、それは日本円の価値を代表する主要な存在となります。商業的な利用例としては、主にクロスボーダー決済や、例えば他の用途での利用が想定されています。

Ken Kawai (en-US): From a market use case perspective, it's not always ideal. However, if Japanese banks collaborate to issue a single stablecoin, it will become a major asset representing the value of the Japanese yen. Most commercial use cases are expected to involve cross-border payments or similar applications.

Ken Kawai: Tokenized securities, settlements and the.

Ken Kawai (ja-JP): トークナイズド証券や決済などが挙げられます。

Ken Kawai (en-US): Examples include tokenized securities and settlements.

Ken Kawai: There are some similarities on differences. I'm not I'm not so familiar with the details of the European approach, but in Japan's case, issuer is a single bank. With regard to the three mega bank initiative, the issuer is Mitsubishi UFD Trust and Banking Corporation.

Ken Kawai (ja-JP): いくつか共通点と相違点があります。ヨーロッパのアプローチについては詳しくありませんが、日本の場合、発行者は単一の銀行です。三メガバンクの取り組みについては、発行者は三菱UFJ信託銀行です。

Ken Kawai (en-US): There are some similarities and differences. I'm not very familiar with the details of the European approach, but in Japan, the issuer is a single bank. For the three mega bank initiative, the issuer is Mitsubishi UFJ Trust and Banking Corporation.

Ken Kawai: On the stable coins are issued as a form of trust beneficial rights issued by the MUT Mitsubishi F Trust Bank On the these three commercial banks are the secular for the trust asset, and then the Mitsubishi Trust Bank would be a single issuer for the Japanese stablecoins.

Ken Kawai (ja-JP): ステーブルコインは、三菱UFJ信託銀行が発行する信託受益権の形で発行されます。三つのメガバンクが信託財産の管理者となり、三菱UFJ信託銀行が日本円ステーブルコインの単独発行者となります。

Ken Kawai (en-US): The stablecoins are issued as trust beneficial rights by Mitsubishi UFJ Trust Bank. The three mega banks act as custodians of the trust assets, and Mitsubishi UFJ Trust Bank is the sole issuer of Japanese yen stablecoins.

Ken Kawai: On the EE.

Ken Kawai (ja-JP):

Ken Kawai (en-US):

Ken Kawai: Because.

Ken Kawai (ja-JP):

Ken Kawai (en-US):

Ken Kawai: Three major brands are coordinating each other, so the.

Ken Kawai (ja-JP): 三大ブランドが連携して調整を行っています。

Ken Kawai (en-US): The three major brands are coordinating with each other.

Ken Kawai: Almost maybe the 770% over Japanese population have a banking account in either or.

Ken Kawai (ja-JP): 日本の人口の約77%がいずれかの銀行口座を持っています。

Ken Kawai (en-US): Approximately 77% of the Japanese population has a bank account.

Ken Kawai: In either three major banks, so the user could be.

Ken Kawai (ja-JP): いずれかの三大銀行に口座を持っているので、ユーザーは利用できます。

Ken Kawai (en-US): Since most people have an account with one of the three major banks, users can access the service.

Ken Kawai: Very wide in this sense, if these stablecoins are issued under all of them are.

Ken Kawai (ja-JP): この意味では、これらすべての銀行でステーブルコインが発行されれば、非常に幅広いカバレッジになります。

Ken Kawai (en-US): In this sense, if all these banks issue stablecoins, the coverage would be very broad.

Ken Kawai: Gsib's globally important banks, so the it's maybe easier for the coordinating with other.

Ken Kawai (ja-JP): GSIBはグローバルに重要な銀行なので、他の銀行と連携しやすいかもしれません。

Ken Kawai (en-US): GSIBs are globally important banks, so it may be easier to coordinate with others.

Ken Kawai: Jurisdictions stablecoin issuers like European issuers for the cross-border payments for the use of several coins.

Ken Kawai (ja-JP): ヨーロッパの発行体のようなステーブルコイン発行者が、複数のコインを使ったクロスボーダー決済に対応しています。

Ken Kawai (en-US): Stablecoin issuers, such as those in Europe, are supporting cross-border payments using multiple coins.

Ken Kawai: mm-hmm

Ken Kawai (ja-JP):

Ken Kawai (en-US):

Erwin Voloder: Interesting. And so I mean, given that the working group has shifted sort of its focus towards now kind of practical operation and commercialization and given that the issuers themselves are all G Sibs. And as you mentioned, there's a, there's a large deposit concentration among the Japanese population with these with these specific banks that are involved.

Erwin Voloder (ja-JP): 興味深いですね。ワーキンググループが実務的な運用や商業化にフォーカスを移したこと、そして発行体がすべてG-SIBsであることを踏まえると、先ほどおっしゃったように、これらの特定の銀行に日本の預金が集中しているという点も重要だと思います。

Erwin Voloder (en-US): That's interesting. Given that the working group has shifted its focus to practical operations and commercialization, and that all the issuers are G-SIBs, as you mentioned, there's also significant deposit concentration among the Japanese population with these specific banks.

Erwin Voloder: From what your members are experiencing, then where does?

Erwin Voloder (ja-JP): 御社のメンバーが実際に経験している中で、どのような課題や傾向が見られますか？

Erwin Voloder (en-US): Based on what your members are experiencing, what challenges or trends are you seeing?

Erwin Voloder: Like having a legally compliant stablecoin encounter any sort of headwinds or difficulty in something that businesses use routinely. Because like, intuitively, one would assume that given the distribution networks available to them, this at least wouldn't be one of the issues.

Erwin Voloder (ja-JP): 法的に準拠したステーブルコインが、企業の日常的な利用において何らかの障害や困難に直面することはありますか？直感的には、彼らが持つ流通ネットワークを考えれば、少なくともこの点は問題にならないように思えます。

Erwin Voloder (en-US): Do legally compliant stablecoins face any challenges or difficulties when used routinely by businesses? Intuitively, given their distribution networks, one would assume this wouldn't be an issue.

Ken Kawai: いや、深さでいい。美コスはone issue is uh to。

Ken Kawai (ja-JP): いえ、深さで大丈夫です。美コスについては一つ課題があります。

Ken Kawai (en-US): No, depth is fine. For Bicos, there is one issue.

Ken Kawai: To what extent these banks?

Ken Kawai (ja-JP): これらの銀行はどの程度関与していますか？

Ken Kawai (en-US): To what extent are these banks involved?

Ken Kawai: Would do the MLC AML safety checks is one of the important things we need to consider because the they are planning to issue their Tableau coins on the permission list blockchain, so the IT could be Rather it should be transferred only to the white listed addresses or the OR we can.

Ken Kawai (ja-JP): MLCやAMLの安全チェックを行うことは重要なポイントです。彼らはパーミッションリスト型ブロックチェーン上でステーブルコインを発行する予定なので、IT的にはホワイトリストに登録されたアドレスのみに送金できるようにする必要があります。

Ken Kawai (en-US): Conducting MLC and AML safety checks is a key consideration. Since they plan to issue their stablecoin on a permissioned blockchain, technically, transfers should be limited to whitelisted addresses.

Ken Kawai: Introduce the blacklist type.

Ken Kawai (ja-JP): ブラックリスト方式も導入しましょう。

Ken Kawai (en-US): Let's also introduce a blacklist approach.

Ken Kawai: Checks, so this is one of the important.

Ken Kawai (ja-JP): このチェックは非常に重要なポイントの一つです。

Ken Kawai (en-US): These checks are one of the key points to consider.

Ken Kawai: Question we need to explain to the regulator because all of the all of these entities are received on the need to comply with the.

Ken Kawai (ja-JP): 規制当局に説明が必要な点ですが、これらすべての事業体はコンプライアンスを遵守する必要があります。

Ken Kawai (en-US): We need to explain to the regulator that all of these entities are required to comply with the regulations.

Ken Kawai: Enhanced MLCFT checks and we have no actual clues to what extent they need to do that kind of MRCFTX because the tokens could be transferred to anywhere. So the FSA would like us to start, would like them to start firstly with the only, the only the stablecoin to be circulated to the whitelisted unless.

Ken Kawai (ja-JP): 強化されたマネロン・テロ資金供与対策（MLCFT）チェックについてですが、どの程度まで対応すべきか明確な指針はありません。なぜなら、トークンはどこにでも送金できるからです。そのため、金融庁（FSA）はまず、ステーブルコインについてはホワイトリストに登録されたものだけ流通させるよう求めています。

Ken Kawai (en-US): Regarding enhanced MLCFT checks, we don't have clear guidance on how extensively these measures should be implemented, since tokens can be transferred anywhere. Therefore, the FSA wants us to start by allowing only whitelisted stablecoins to be circulated.

Ken Kawai: But eventually they would like to expand it to the.

Ken Kawai (ja-JP): ただ最終的には、その範囲を拡大したいと考えています。

Ken Kawai (en-US): However, their ultimate goal is to expand the scope.

Ken Kawai: He.

Ken Kawai (ja-JP):

Ken Kawai (en-US):

Erwin Voloder: OK.

Erwin Voloder (ja-JP):

Erwin Voloder (en-US):

Ken Kawai: It the other addresses, of course they need to do the black black list checks. So this is one of the challenges when we need to think about the cross-border transport.

Ken Kawai (ja-JP): 他のアドレスについても、もちろんブラックリストチェックが必要です。これが、クロスボーダーでの送金を考える際の課題の一つです。

Ken Kawai (en-US): Of course, they also need to perform blacklist checks on other addresses. This is one of the challenges we face when considering cross-border transfers.

Ken Kawai: And what there there's, yeah, there's one other issues that currently of course in order to do the cross-border transaction.

Ken Kawai (ja-JP): そして、現在、クロスボーダー取引を行うためには、もう一つ課題があります。

Ken Kawai (en-US): There's also another issue we need to consider when conducting cross-border transactions.

Ken Kawai: The Japanese stablecoins need to be exchanged to the let's say the Euro denominated stablecoins or USD denominated stablecoins, right? But under the Japanese regulations, the following stablecoins could be transferred only up to one 1,000,000 Japanese yen per transaction, which means around.

Ken Kawai (ja-JP): 日本のステーブルコインは、例えばユーロ建てや米ドル建てのステーブルコインに交換する必要があります。ただし、日本の規制では、これらのステーブルコインは1回の取引につき最大100万円までしか送金できません。

Ken Kawai (en-US): Japanese stablecoins need to be exchanged for, for example, euro-denominated or US dollar-denominated stablecoins. However, under Japanese regulations, these stablecoins can only be transferred up to 1 million yen per transaction.

Ken Kawai: €5700 only currently, so the it's too small for the business use. So the EV are currently.

Ken Kawai (ja-JP): 現在、1回の取引で約5700ユーロまでしか送金できないため、ビジネス用途には小さすぎます。現状では、

Ken Kawai (en-US): Currently, the limit is only about €5,700 per transaction, which is too small for business use. So at this point,

Ken Kawai: Nothing this issue and would like。

Ken Kawai (ja-JP): この問題については特にありませんが、今後検討したいと思います。

Ken Kawai (en-US): We don't have any particular issues with this at the moment, but we'd like to consider it going forward.

Ken Kawai: To discuss it more with the FSA to.

Ken Kawai (ja-JP): この件について、さらにFSAと協議したいと考えています。

Ken Kawai (en-US): We would like to discuss this matter further with the FSA.

Ken Kawai: To facilitate the cross-border.

Ken Kawai (ja-JP): クロスボーダー取引を円滑に進めるために。

Ken Kawai (en-US): To facilitate cross-border transactions.

Ken Kawai: Stablecoin exchanges.

Ken Kawai (ja-JP): ステーブルコインの取引所についてです。

Ken Kawai (en-US): Let's discuss stablecoin exchanges.

Erwin Voloder: Very interesting. And Charles, from FISMA perspective, I guess this is a bit different than what we're that what we're seeing in Europe. I mean both from the perspective of cross-border business use in terms of the caps, but also obviously Mika has the safeguards in place on the KYC AM L side and sort of prescribes this towards towards issuers as well from a from a liability perspective.

Erwin Voloder (ja-JP): とても興味深いですね。チャールズさん、FISMAの観点から見ると、これはヨーロッパで私たちが見ている状況とは少し違うように思います。クロスボーダーでのビジネス利用に関する上限や、MikaがKYCやAMLの観点で発行体に対して責任やセーフガードを求めている点も含めて、違いがあるようですね。

Erwin Voloder (en-US): Very interesting. Charles, from the FISMA perspective, this seems a bit different from what we're seeing in Europe. There are differences both in terms of cross-border business caps, and also because Mika has safeguards in place for KYC and AML, which it prescribes for issuers from a liability standpoint.

Charles.CANONNE: No, indeed. I mean, it's different in terms of technique, I think, but the objectives and the concerns are very similar. We want to protect our investors, especially retail investors and we want to also to protect our society from breaches of AM L CFT. Otherwise, what's the point then This could be a black hole in terms of AML CFT. I'm relatively new to this field, so I'm learning. So we have implemented.

Charles.CANONNE (ja-JP): 確かに、技術的には違いがありますが、目的や懸念は非常に似ています。特にリテール投資家を守ること、そしてAML/CFT違反から社会を守ることが重要です。そうでなければ、AML/CFTの観点で抜け穴になってしまいます。私はこの分野はまだ経験が浅いので、学びながら進めています。私たちはすでにいくつかの施策を実施しています。

Charles.CANONNE (en-US): That's right. While the techniques may differ, the objectives and concerns are very similar. Our priority is to protect investors, especially retail investors, and to safeguard society from AML/CFT breaches. Otherwise, there would be a significant gap in AML/CFT compliance. I'm still new to this field and learning as I go. We have already implemented some measures.

Charles.CANONNE: Did the Fatah fruit. The real issue is of course the unhosted wallet. So the very principle is that indeed crypto asset service providers have to verify the identity of senders and recipients. But the difficulty with this new technologies that you have certain wallets which are incredibly technologically but.

Charles.CANONNE (ja-JP): ファトフの問題ですが、実際の課題はアンホステッドウォレットです。基本的な原則として、暗号資産サービスプロバイダーは送信者と受信者の身元を確認する必要があります。しかし、新しい技術では、非常に高度なウォレットが存在し、その対応が難しいのです。

Charles.CANONNE (en-US): Regarding FATF, the real issue is unhosted wallets. The fundamental principle is that crypto asset service providers must verify the identities of both senders and recipients. However, with these new technologies, there are certain wallets that are highly advanced, making it difficult to address this challenge.

Charles.CANONNE: Are more complicated in terms of verifying the identity. So we looked for a sort of a reasonable pragmatic.

Charles.CANONNE (ja-JP): 本人確認の観点ではさらに複雑なケースもあります。そのため、私たちは現実的かつ実用的なアプローチを模索しました。

Charles.CANONNE (en-US): Verifying identity can be even more complicated in some cases. That's why we looked for a practical and reasonable approach.

Charles.CANONNE: Rule whereby indeed identity must be given, but it's basically not too verified under €1000 and very definitely verified above €1000.

Charles.CANONNE (ja-JP): ルールとして、本人確認は必須ですが、1000ユーロ未満の場合は基本的に厳格な確認は不要で、1000ユーロを超える場合は確実に本人確認を行う必要があります。

Charles.CANONNE (en-US): The rule is that identity information must be provided, but for amounts under €1,000, strict verification is not required. For amounts above €1,000, full verification is definitely necessary.

Charles.CANONNE: That that's on the AMR CFT point.

Charles.CANONNE (ja-JP): それがAML/CFTの観点での話です。

Charles.CANONNE (en-US): That's regarding the AML/CFT point.

Erwin Voloder: Yeah.

Erwin Voloder (ja-JP): はい。

Erwin Voloder (en-US): Yes.

Erwin Voloder: Thank you. And just mindful of time, maybe we just close it with a bit of a kind of more holistic discussion. So if we can imagine a situation where I don't know you have a European company and a Japanese supplier or a Japanese company, European supplier and this is to you florists and to you can kind of what do you think needs to happen to make this commercially attractive? Can you mention the last mile problem?

Erwin Voloder (ja-JP): ありがとうございます。時間も考慮して、最後にもう少し全体的な観点から議論を締めくくりたいと思います。例えば、ヨーロッパの企業と日本のサプライヤー、あるいは日本の企業とヨーロッパのサプライヤーが取引する場合、これを商業的に魅力的にするためには何が必要だと思いますか？フロリスさん、ケンさん、お二人にお聞きします。ラストマイルの課題についても触れていただけますか。

Erwin Voloder (en-US): Thank you. Being mindful of time, let's wrap up with a more holistic discussion. For example, if you have a European company working with a Japanese supplier, or a Japanese company with a European supplier, what do you think needs to happen to make this commercially attractive? This question is for both Floris and Ken. Could you also touch on the last mile problem?

Erwin Voloder: I guess there's also questions of network interoperability and kind of what's chain you're settling on.

Erwin Voloder (ja-JP): ネットワークの相互運用性や、どのチェーンで決済するかという点も課題になると思います。

Erwin Voloder (en-US): There are also questions around network interoperability and which chain you choose to settle on.

Erwin Voloder: Et cetera. And then to the policymakers then as a follow up, sort of what do you think public authorities can do to help establish kind of the conditions for that market, you know, without leaving the choice of the instruments themselves?

Erwin Voloder (ja-JP): それから、政策立案者の方々に対してですが、フォローアップとして、その市場の環境を整えるために公的機関がどのような支援ができるとお考えですか？ただし、具体的な手段の選択は民間に委ねる前提でお願いします。

Erwin Voloder (en-US): And as a follow-up for policymakers, what do you think public authorities can do to help create the right conditions for that market, while leaving the choice of instruments to the private sector?

Erwin Voloder: As something that we can just give to providers and customers.

Erwin Voloder (ja-JP): プロバイダーや顧客にそのまま提供できるものとして。

Erwin Voloder (en-US): Something we can offer directly to providers and customers.

Floris Lugt, Qivalis: Shall I, shall I start?

Floris Lugt, Qivalis (ja-JP): それでは、始めましょうか。

Floris Lugt, Qivalis (en-US): Shall I begin?

Floris Lugt, Qivalis: So from a customer perspective, a customer need needs.

Floris Lugt, Qivalis (ja-JP): 顧客の視点から見ると、顧客のニーズが重要です。

Floris Lugt, Qivalis (en-US): From the customer's perspective, understanding their needs is essential.

Floris Lugt, Qivalis: Convenience and low cost, right? So cross-border payments, for example, are already possible. The issue is that they're not convenient and they're costly and they're slow and typically not transparent. And that can be improved with on chain payments, for example via stablecoins, but it needs to materialize. So in short, 2 conditions that need to be developed further. One is the distribution network.

Floris Lugt, Qivalis (ja-JP): 利便性と低コストが重要です。例えば、国際送金はすでに可能ですが、現状では利便性が低く、コストが高く、処理も遅く、透明性も十分ではありません。これらはオンチェーン決済、たとえばステーブルコインを使うことで改善できますが、実現にはまだ課題があります。要点として、今後さらに発展させるべき2つの条件があります。1つは流通ネットワークです。

Floris Lugt, Qivalis (en-US): Convenience and low cost are key. For example, cross-border payments are already possible, but they're not convenient, they're expensive, slow, and often lack transparency. On-chain payments, such as using stablecoins, can address these issues, but they still need to be realized. In short, there are two main conditions that need further development. The first is the distribution network.

Floris Lugt, Qivalis: So it it's very good to see also the development in Japan and for Japanese banks that they're issuing not just a stablecoin, but also developing their distribution capabilities, which is a lengthy process which many banks need to go through and which they need to invest in so that they can offer the use cases to their customers. That takes time. 2 is there needs to be alignment on the infrastructure. So which blockchain network do we use?

Floris Lugt, Qivalis (ja-JP): 日本でも開発が進んでおり、日本の銀行がステーブルコインの発行だけでなく、流通ネットワークの構築にも取り組んでいるのは非常に良いことです。これは多くの銀行が時間をかけて投資しなければならない長期的なプロセスであり、顧客にユースケースを提供するために必要です。また、インフラ面での合意も必要です。つまり、どのブロックチェーンネットワークを使うのかという点です。

Floris Lugt, Qivalis (en-US): It's great to see progress in Japan, with Japanese banks not only issuing stablecoins but also developing their distribution networks. This is a long-term process that requires significant investment from many banks so they can offer new use cases to their customers. Additionally, there needs to be alignment on the infrastructure, specifically which blockchain network to use.

Floris Lugt, Qivalis: Which kind of privacy solution do we apply, Which kind of messaging protocols do we apply so that we can, for example, meet Travel Rule requirements and other AM L requirements? And these things require collaboration, which we try to do in Europe, but we need to do on the global scale as well. So I think that's why these kind of conversations are very important because we need to do that globally.

Floris Lugt, Qivalis (ja-JP): どのようなプライバシーソリューションやメッセージングプロトコルを適用するか、例えばトラベルルールやその他のAML要件を満たすためにどうするか、という点が重要です。これらは協力が必要で、ヨーロッパでも取り組んでいますが、グローバルな規模で進める必要があります。だからこそ、こうした議論が非常に重要だと考えています。

Floris Lugt, Qivalis (en-US): We need to decide which privacy solutions and messaging protocols to use, for example, to meet Travel Rule and other AML requirements. These issues require collaboration, and while we're working on this in Europe, we also need to address it globally. That's why these discussions are so important.

Floris Lugt, Qivalis: But I think all of these can be done. It's a matter of proper execution.

Floris Lugt, Qivalis (ja-JP): ただ、これらはすべて実現可能だと思います。あとは適切に実行するかどうかです。

Floris Lugt, Qivalis (en-US): I believe all of this is achievable. It just comes down to proper execution.

Floris Lugt, Qivalis: I think so that it will take some time, some effort, but then we will get there and these benefits will be there for the customers.

Floris Lugt, Qivalis (ja-JP): 時間と努力はかかりますが、最終的には実現でき、お客様にもメリットがもたらされると思います。

Floris Lugt, Qivalis (en-US): It will take time and effort, but eventually we'll get there and customers will benefit.

Ken Kawai: I agree with all the comments from Florence on in. On top of that, it is very important for showing the equivalence of the European laws and the Japanese laws equivalence. So the.

Ken Kawai (ja-JP): フローレンスさんのご意見に全て賛成です。その上で、欧州法と日本法の同等性を示すことが非常に重要だと思います。

Ken Kawai (en-US): I agree with all of Florence's comments. Additionally, it's very important to demonstrate the equivalence between European and Japanese laws.

Ken Kawai: In Japan, India for the European, the euro denominator is stable coins if they would like to be listed on the Japanese.

Ken Kawai (ja-JP): 日本では、ユーロ建てのステーブルコインを日本の取引所に上場したい場合、欧州法と日本法の同等性を示すことが重要です。

Ken Kawai (en-US): In Japan, if euro-denominated stablecoins want to be listed on Japanese exchanges, it's important to demonstrate the equivalence between European and Japanese laws.

Ken Kawai: Perhaps or can be separated in Japan, the issuer needs to show that the Japanese rules on the European roads are equivalent and the they are subject to the equivalent roles and they are having the sufficient reserves. So the I think the same can be said maybe in the Europe as well. So we need to.

Ken Kawai (ja-JP): 日本では、発行者が日本の規制と欧州の規制が同等であること、そして十分な準備金を保有していることを示す必要があります。同じことはヨーロッパにも当てはまると思います。ですので、私たちはその点を確認する必要があります。

Ken Kawai (en-US): In Japan, issuers need to demonstrate that Japanese regulations are equivalent to European regulations and that they have sufficient reserves. I believe the same applies in Europe, so we need to confirm this point.

Ken Kawai: Coordinate each other to prove that our.

Ken Kawai (ja-JP): お互いに協力して、法規制の同等性を証明する必要があります。

Ken Kawai (en-US): We need to coordinate with each other to demonstrate regulatory equivalence.

Ken Kawai: Both of the European laws are Japanese rules are equivalent. That's one of the important things.

Ken Kawai (ja-JP): ヨーロッパの法律と日本のルールが同等であることが重要なポイントの一つです。

Ken Kawai (en-US): It's important that both European laws and Japanese regulations are considered equivalent.

Ken Kawai: Yeah, that's it.

Ken Kawai (ja-JP): はい、その通りです。

Ken Kawai (en-US): Yes, that's correct.

Erwin Voloder: You can.

Erwin Voloder (ja-JP): 可能です。

Erwin Voloder (en-US): Yes, you can.

Erwin Voloder: And very mindful of your point on equivalence.

Erwin Voloder (ja-JP): そして、エクイバレンス（同等性）についてのご指摘も十分に意識しています。

Erwin Voloder (en-US): And I'm very mindful of your point about equivalence.

Erwin Voloder: Perhaps our policymakers can close it off for us then.

Erwin Voloder (ja-JP): それでは、政策担当者の方々にまとめていただけますでしょうか。

Erwin Voloder (en-US): Maybe our policymakers can wrap this up for us.

Katsuya Terai: So I think that very difficult question, but from our perspective I think the cross-border payments are an area where stablecoins can offer real benefits. So we would welcome private sector initiative exploring the these opportunities and also with respect to the equivalence assessment.

Katsuya Terai (ja-JP): 非常に難しい課題だと思いますが、私たちの視点では、クロスボーダー決済はステーブルコインが大きなメリットを提供できる分野だと考えています。民間セクターによるこうした機会の探求を歓迎しますし、同時に同等性評価についても注目しています。

Katsuya Terai (en-US): That's a very challenging question, but from our perspective, cross-border payments are an area where stablecoins can provide real value. We welcome private sector initiatives exploring these opportunities, and we're also paying attention to the equivalence assessment.

Katsuya Terai: I think that we have already done this type of assessment for a couple of stable coins issued in the US. So like this President, we would says it on the case by cases, case by case basis. And we usually look at the, you know, who the issuer is and also what license it holds and also under which regulatory framework it operates and also which authority and the Member States and the European Union is supervising.

Katsuya Terai (ja-JP): 私たちはすでに米国で発行されたいくつかのステーブルコインについて、このような評価を実施しています。そのため、今回もケースバイケースで判断することになります。通常、発行者が誰か、どのライセンスを保有しているか、どの規制枠組みの下で運営されているか、そしてどの当局やEU加盟国が監督しているかを確認します。

Katsuya Terai (en-US): We've already conducted this type of assessment for several stablecoins issued in the US. So, like before, we evaluate on a case-by-case basis. We usually check who the issuer is, what license they hold, which regulatory framework they operate under, and which authority or EU Member State supervises them.

Katsuya Terai: Coins. So these kind of things are something we need to consider when we're assessing the equivalence between Japan and Europe. But we are ready, yeah. So, yeah. So we welcome private sector initiative a lot. Thank you so much.

Katsuya Terai (ja-JP): このような点は、日欧間の同等性を評価する際に考慮すべき事項です。ただ、私たちは準備ができています。民間セクターの取り組みを大いに歓迎します。ありがとうございます。

Katsuya Terai (en-US): These are the kinds of factors we need to consider when assessing equivalence between Japan and Europe. But we are ready. We very much welcome private sector initiatives. Thank you.

Erwin Voloder: Wonderful. Thank you. And Charles.

Erwin Voloder (ja-JP): ありがとうございます。チャールズさんもどうぞ。

Erwin Voloder (en-US): Thank you. Charles, please go ahead.

Charles.CANONNE: But again, we we're faced with the same challenges and objective definitely. Thank you, Edwin. So it's a bit of a complex issue, but I'll get there. Equivalence is not part of our framework. Formally speaking, as I explained with the issue of multi issuance, we didn't use diff deference or equivalence as the main mechanism for ensuring inbound access, however.

Charles.CANONNE (ja-JP): ただ、同じ課題と目的に直面しているのは確かです。ありがとうございます、エドウィン。少し複雑な問題ですが、順を追って説明します。エクイバレンス（同等性）は私たちのフレームワークには正式には含まれていません。マルチイシュアンスの問題について説明した通り、インバウンドアクセスを確保するための主な手段として、ディファレンスやエクイバレンスは使っていません。

Charles.CANONNE (en-US): However, we're facing the same challenges and objectives. Thank you, Edwin. It's a complex issue, but I'll address it step by step. Equivalence is not formally part of our framework. As I explained regarding multi-issuance, we did not use deference or equivalence as the main mechanism for ensuring inbound access.

Charles.CANONNE: It's still front and center in the reflection at the moment.

Charles.CANONNE (ja-JP): 現時点でも引き続き重要な検討事項となっています。

Charles.CANONNE (en-US): It's still a key focus in our current discussions.

Charles.CANONNE: One of the reason is because if we want our own euro stablecoin issuers to be able to export their coins, then by definition we should seek some convergence as with the other jurisdiction as that will help them. Another aspect is I think we have a common interest with all supervisors and public authorities in the world to ensure a minimum.

Charles.CANONNE (ja-JP): 理由の一つは、ユーロステーブルコイン発行者が自社のコインを輸出できるようにしたい場合、他の法域と同様の基準に収束することが必要だからです。それが発行者の助けになります。また、世界中の監督当局や公的機関と最低限の基準を確保するという共通の利益があると考えています。

Charles.CANONNE (en-US): One reason is that if we want our euro stablecoin issuers to be able to export their coins, we need to seek convergence with other jurisdictions, as that will support them. Additionally, I believe we share a common interest with supervisors and public authorities worldwide in ensuring minimum standards.

Charles.CANONNE: Convergence in terms of the soundness of all these frameworks, I mean.

Charles.CANONNE (ja-JP): これらすべてのフレームワークの健全性という観点でのコンバージェンスを指しています。

Charles.CANONNE (en-US): I mean convergence in terms of the soundness of all these frameworks.

Charles.CANONNE: This is true for stable coins, is true also for crypto. And you may remember the famous FTX debacle and people were asking us what if you had your regime already, would that change? Well, it would only change to the extent that some other jurisdiction would also ensure a similar level of prudence so that customers in terms of inbound access can also be confident that they are protected. So we definitely have an interest in convergence and we are collaborating in international.

Charles.CANONNE (ja-JP): これはステーブルコインだけでなく、暗号資産全般にも当てはまります。有名なFTXの事件を覚えている方もいると思いますが、もし既に規制があったらどうなっていたかとよく聞かれます。ただし、それは他の国や地域でも同じレベルの慎重さが確保されていればこそ意味があります。顧客が安心して利用できるためには、国際的な協調と枠組みの収束が重要です。そのため、私たちは国際的な連携に積極的に取り組んでいます。

Charles.CANONNE (en-US): This applies not only to stablecoins but also to crypto assets in general. You may recall the well-known FTX incident, and people often ask if things would have been different if our regulations had already been in place. The answer is, it would only make a difference if other jurisdictions also ensured a similar level of prudence, so customers could feel confident about their protection. That's why we have a strong interest in regulatory convergence and are actively collaborating internationally.

Charles.CANONNE: Bilateral FORA. And finally the discussion on equivalence in Europe of course is still happening. So we will see it. But it needs to not add too many additional restriction because if we do belts and braces, multi issuance and equivalence, then we don't want to be to land in a worse of position. Thanks a lot. Thanks a lot to everyone.

Charles.CANONNE (ja-JP): 二国間フォーラム。そして、ヨーロッパでの同等性に関する議論もまだ続いています。今後どうなるか見守りますが、追加の制約が多すぎないようにする必要があります。ベルトアンドブレイシーズ、マルチイシュアンス、同等性をすべて導入すると、かえって状況が悪化する可能性もあります。皆さん、本当にありがとうございました。

Charles.CANONNE (en-US): Bilateral fora. The discussion on equivalence in Europe is still ongoing, so we'll see how it develops. It's important not to add too many additional restrictions. If we implement belts and braces, multi-issuance, and equivalence, we don't want to end up in a worse position. Thank you very much, everyone.

Erwin Voloder: Thank you to all of our speakers for your views, for sharing your experience and your positions. I think it was an illuminating discussion. I know we ran a little bit over time, but I think this is really a core, core topic going forward, not only in the development of the sector itself, but, you know, also this convergence between you, Tradfi, and the digital asset space. And thank you to our policymakers for taking the time, especially our colleagues at the Commission and in Japan.

Erwin Voloder (ja-JP): ご登壇いただいた皆様、ご意見やご経験、そしてお立場を共有いただきありがとうございました。非常に有意義なディスカッションだったと思います。少し時間をオーバーしてしまいましたが、今後このテーマは業界の発展だけでなく、トラディショナルファイナンスとデジタルアセット分野の融合という観点からも非常に重要だと感じています。また、政策担当者の皆様、特に委員会や日本の同僚の皆様にもお時間をいただき感謝申し上げます。

Erwin Voloder (en-US): Thank you to all our speakers for sharing your insights, experiences, and perspectives. This was a very valuable discussion. We did run a bit over time, but I believe this is a crucial topic for the future—not just for the industry's development, but also for the convergence between traditional finance and the digital asset space. I also want to thank our policymakers, especially our colleagues at the Commission and in Japan, for taking the time to join us.

Erwin Voloder: The time difference, thanks Flores as well for providing the market perspective. And that's it from our end. And for those of you on the line, stay tuned for a very interesting discussion on DeFi.

Erwin Voloder (ja-JP): 時差の中、市場の視点を提供してくれたフロリスさんにも感謝します。こちらからは以上です。引き続き、ディファイに関する非常に興味深いディスカッションをお楽しみに。

Erwin Voloder (en-US): Thank you, Floris, for sharing the market perspective despite the time difference. That's all from our side. For those on the call, please stay tuned for a very interesting discussion on DeFi.

Keisuke Kimura, JCBA: Thank you, Ari, and thanks to all four panellists for the insightful discussion. For our second panel, we'll get at how people access DeFi through wallets and where ML safety responsibilities may sit when several providers are involved in a single usage and.

Keisuke Kimura, JCBA (ja-JP): アリさん、そして4人のパネリストの皆さん、貴重なディスカッションをありがとうございました。次のパネルでは、ウォレットを通じて人々がどのようにDeFiにアクセスしているのか、また複数のプロバイダーが関与する場合にMLの安全性の責任がどこにあるのかについて議論します。

Keisuke Kimura, JCBA (en-US): Thank you, Ari, and thank you to all four panelists for the insightful discussion. For our next panel, we'll discuss how people access DeFi through wallets, and where ML safety responsibilities lie when multiple providers are involved in a single use case.

Keisuke Kimura, JCBA: Joining us are John Isaacson from Thompson St. Taisuke Isono from SMC, Nico and ZBA, and Alexandra Lloyd from You Holdover. Our moderator is Sei Haku.

Keisuke Kimura, JCBA (ja-JP): 今回のパネルには、Thompson St.のJohn Isaacsonさん、SMCの磯野泰介さん、NicoとZBAの代表、そしてYou HoldoverのAlexandra Lloydさんが参加します。モデレーターはSei Hakuさんです。

Keisuke Kimura, JCBA (en-US): Joining us today are John Isaacson from Thompson St., Taisuke Isono from SMC, representatives from Nico and ZBA, and Alexandra Lloyd from You Holdover. Our moderator is Sei Haku.

Keisuke Kimura, JCBA: 吉田A CEO。

Keisuke Kimura, JCBA (ja-JP): 吉田A CEOです。

Keisuke Kimura, JCBA (en-US): This is CEO Yoshida A.

Keisuke Kimura, JCBA: CEO of Hash Board and vice chair of JCBA, where he also chairs the Wallet and AI working group at the JCBA. There's just some overt.

Keisuke Kimura, JCBA (ja-JP): ハッシュボードのCEOであり、JCBAの副会長も務めています。また、JCBAのウォレットおよびAIワーキンググループの座長も担当しています。

Keisuke Kimura, JCBA (en-US): He is the CEO of Hash Board and vice chair of JCBA, where he also chairs the Wallet and AI Working Group.

Keisuke Kimura, JCBA: You should send you all mute.

Keisuke Kimura, JCBA (ja-JP): 全員ミュートにしてください。

Keisuke Kimura, JCBA (en-US): Please mute yourselves.

Seihaku Yoshida, HashPort: Sorry. Thank you very much for your introduction, Kim Rahsang, and welcome to the panel for the World's DeFi under AML. I think this is a not only hot topic for Japan, but for the housing for the Japanese, Japanese market and the European market, but also a very hot topic for the global.

Seihaku Yoshida, HashPort (ja-JP): ご紹介ありがとうございます、キム・ラさん。それでは、AML下での世界のDeFiについてのパネルにようこそ。このテーマは日本だけでなく、日本市場や欧州市場、そしてグローバルでも非常に注目されています。

Seihaku Yoshida, HashPort (en-US): Thank you for the introduction, Kim Rahsang. Welcome to the panel on DeFi under AML regulations. This is a highly relevant topic not only for Japan and the Japanese market, but also for Europe and the global market.

Seihaku Yoshida, HashPort: Regulatory housing environments.

Seihaku Yoshida, HashPort (ja-JP): 規制の枠組みについてです。

Seihaku Yoshida, HashPort (en-US): Let's discuss regulatory frameworks.

Seihaku Yoshida, HashPort: I think it's a war, war. It's users gateway for the blockchain and today we will how to look at the tension from the both of the Japanese and the European perspective. Each question goes to how this is answered by all three panelists. So in the beginning.

Seihaku Yoshida, HashPort (ja-JP): これはまさに戦いです。ブロックチェーンのユーザーゲートウェイをめぐる争いです。本日は、日本とヨーロッパの両方の視点からこの緊張関係を考察します。各質問について、3人のパネリスト全員にお答えいただきます。まずは冒頭から始めます。

Seihaku Yoshida, HashPort (en-US): This is really a battle—it's about the user gateway to the blockchain. Today, we'll examine the tension from both the Japanese and European perspectives. Each question will be answered by all three panelists. Let's start from the beginning.

Seihaku Yoshida, HashPort: Please has a brief free introduce yourself and.

Seihaku Yoshida, HashPort (ja-JP): それでは、簡単に自己紹介をお願いします。

Seihaku Yoshida, HashPort (en-US): Please briefly introduce yourself.

Seihaku Yoshida, HashPort: How you are, what relates to the war at DeFi or ML? OK, so I think John, maybe you can how's this as a so please introduce yourself. Yeah.

Seihaku Yoshida, HashPort (ja-JP): DeFiやマネーロンダリングに関連する現在の状況について、どのようにお考えですか？それでは、ジョンさん、自己紹介をお願いします。

Seihaku Yoshida, HashPort (en-US): How do you see the current situation related to DeFi or money laundering? John, could you please introduce yourself?

Jon Isaksen: Sure. Thank you. Thank you. Pleasure to be here. My name is Jon Isaksen. I used to be at the Danish Financial Services Agency and also did the Mika work as a secondee to the European Commission. Then since I've worked for both Uniswap Labs and I've worked for the Stellar Development Foundation. And then I founded Thompson St. And the reason why we are here today is that I also advise several DeFi participants and Block.

Jon Isaksen (ja-JP): ありがとうございます。本日はお招きいただき光栄です。ジョン・アイサクセンと申します。以前はデンマーク金融監督庁に在籍し、欧州委員会でMiCA関連の業務にも従事していました。その後、Uniswap LabsやStellar Development Foundationで勤務し、Thompson St.を設立しました。本日ここにいる理由は、複数のDeFi関係者やBlock社のアドバイザーも務めているためです。

Jon Isaksen (en-US): Thank you. It's a pleasure to be here. My name is Jon Isaksen. I previously worked at the Danish Financial Services Agency and was seconded to the European Commission for MiCA-related work. After that, I worked at Uniswap Labs and the Stellar Development Foundation, and then I founded Thompson St. The reason I'm here today is that I also advise several DeFi participants and Block.

Jon Isaksen: Around European regulations, UK, US. So yeah, happy to be here today.

Jon Isaksen (ja-JP): ヨーロッパの規制、イギリス、アメリカについても関わっています。本日はどうぞよろしくお願いします。

Jon Isaksen (en-US): I also work with regulations in Europe, the UK, and the US. I'm glad to be here today.

Seihaku Yoshida, HashPort: Thank you.

Seihaku Yoshida, HashPort (ja-JP): ありがとうございます。

Seihaku Yoshida, HashPort (en-US): Thank you.

Seihaku Yoshida, HashPort: OK, so next, Alexandra, yeah, please introduce yourself.

Seihaku Yoshida, HashPort (ja-JP): それでは次に、アレクサンドラさん、自己紹介をお願いします。

Seihaku Yoshida, HashPort (en-US): Next, Alexandra, please introduce yourself.

alexandra: Hi, my name is Alexandra Lloyd. I am the head of Anti money laundering at EU Hodler which is CAASPP and financial institution based out of Switzerland, Italy and Argentina and also the head of the anti-money Laundering Working group of the Crypto Valley Association and you Hodler.

alexandra (ja-JP): こんにちは、アレクサンドラ・ロイドと申します。EU Hodlerのアンチマネーロンダリング部門の責任者を務めており、CAASPPおよびスイス、イタリア、アルゼンチンに拠点を置く金融機関です。また、Crypto Valley AssociationとEU Hodlerのアンチマネーロンダリングワーキンググループの責任者も担当しています。

alexandra (en-US): Hello, my name is Alexandra Lloyd. I am the Head of Anti-Money Laundering at EU Hodler, a CAASPP and financial institution based in Switzerland, Italy, and Argentina. I also lead the Anti-Money Laundering Working Group for the Crypto Valley Association and EU Hodler.

alexandra: As gasp is sometimes considered.

alexandra (ja-JP): CAASPPは時にそのように見なされることもあります。

alexandra (en-US): CAASPP is sometimes considered in that way.

alexandra: And particularly in the EU as the gate gateway gatekeeper to DeFi and so.

alexandra (ja-JP): 特にEUでは、DeFiへのゲートウェイ、ゲートキーパーとしての役割が重要です。

alexandra (en-US): Especially in the EU, we serve as the gateway and gatekeeper to DeFi.

alexandra: Why I'm here?

alexandra (ja-JP): 私がここにいる理由についてお話しします。

alexandra (en-US): Let me explain why I'm here.

Seihaku Yoshida, HashPort: Thank you. And yeah, he's on the side. Yeah, please go ahead.

Seihaku Yoshida, HashPort (ja-JP): ありがとうございます。それでは、どうぞお話しください。

Seihaku Yoshida, HashPort (en-US): Thank you. Please go ahead.

Taisuke Isono: Hi, I'm Taisuke Isono. I'm ahead of DeFi technology department in Smvs and Eco Securities is one of our largest you know, brokerage company in Japan and now.

Taisuke Isono (ja-JP): こんにちは、磯野泰介です。私はSMVSのDeFi技術部門の責任者を務めています。Eco Securitiesは日本で最大級のブローカレッジ会社の一つです。

Taisuke Isono (en-US): Hello, I'm Taisuke Isono, head of the DeFi technology department at SMVS. Eco Securities is one of the largest brokerage companies in Japan.

Taisuke Isono: As I think somebody surprised to hear the name DeFi technology department from the tradify institutions like us. But yeah, I'm actually you leading the DeFi initiatives to create some on chain and native protocols to be to become an infra to welcome more, you know capital inflow from Japanese general investors into the DeFi markets.

Taisuke Isono (ja-JP): トラディショナルファイナンスの企業でDeFiテクノロジー部門という名前を聞いて驚かれる方もいるかもしれませんが、私は実際にDeFiの取り組みをリードしています。日本の一般投資家からDeFi市場への資本流入を促進するため、オンチェーンやネイティブプロトコルのインフラ構築を進めています。

Taisuke Isono (en-US): Some people may be surprised to hear that a traditional financial institution like ours has a DeFi technology department. But I am actually leading our DeFi initiatives, developing on-chain and native protocols to build infrastructure that will attract more capital from Japanese retail investors into the DeFi market.

Taisuke Isono: So from the perspective of AML CFD stuffs, yeah, I'm just, you know, we, we've just launched a project called DeFi Gateway with Nethermine and Uniswap and also with base and also to create, you know, new decks that could be a structured some, you know, new rules.

Taisuke Isono (ja-JP): AMLやCFDの観点から、私たちはNethermineやUniswap、Baseと連携してDeFi Gatewayというプロジェクトを立ち上げました。さらに、新しいルールを組み込んだ新しいDEXの構築も進めています。

Taisuke Isono (en-US): From an AML and CFD perspective, we've just launched a project called DeFi Gateway in collaboration with Nethermine, Uniswap, and Base. We're also working on developing a new DEX with structured rules.

Taisuke Isono: On the units of P4 with technology technologically implemented. Hicks.

Taisuke Isono (ja-JP): P4のユニットについては、技術的に実装されています。

Taisuke Isono (en-US): The units of P4 have been technologically implemented.

Taisuke Isono: To prevent AML or those kind of toxic foes. So yeah, I'm very excited to be involved in this discussion today and happy to discuss with you guys.

Taisuke Isono (ja-JP): AMLやその他のリスクを防ぐために、こうした取り組みが重要だと考えています。本日のディスカッションに参加できてとても嬉しいですし、皆さんと意見交換できることを楽しみにしています。

Taisuke Isono (en-US): To prevent AML and other risks, these initiatives are very important. I'm excited to be part of today's discussion and look forward to exchanging ideas with all of you.

Seihaku Yoshida, HashPort: OK. Thank you very much for your introduction and we go to go into the creation. So first of all, I want to just discuss about what it in the DeFi. So in Japan, crypto assets are moving under the financial instrument and exchange.

Seihaku Yoshida, HashPort (ja-JP): ご紹介ありがとうございます。それでは、次にディファイの創出について話を進めます。まず最初に、ディファイとは何かについて議論したいと思います。日本では、暗号資産は金融商品取引法のもとで取り扱われています。

Seihaku Yoshida, HashPort (en-US): Thank you for the introduction. Now, let's move on to the topic of DeFi. First, I'd like to discuss what DeFi is. In Japan, crypto assets are regulated under the Financial Instruments and Exchange Act.

Seihaku Yoshida, HashPort: From next year and that's a treatment of the DeFi and warrant providers is.

Seihaku Yoshida, HashPort (ja-JP): 来年から、DeFiやウォラントプロバイダーの取り扱いについては。

Seihaku Yoshida, HashPort (en-US): Starting next year, this is how DeFi and warrant providers will be treated.

Seihaku Yoshida, HashPort: Very important topic for.

Seihaku Yoshida, HashPort (ja-JP): 非常に重要なトピックです。

Seihaku Yoshida, HashPort (en-US): This is a very important topic.

Seihaku Yoshida, HashPort: The Japanese degree of the framework transmission. So in the EU Mika leaves freely decentralized service.

Seihaku Yoshida, HashPort (ja-JP): 日本の枠組みの進展についてですが、EUのMiCAは分散型サービスを自由に認めています。

Seihaku Yoshida, HashPort (en-US): Regarding the development of the Japanese framework, the EU's MiCA allows decentralized services more freely.

Seihaku Yoshida, HashPort: Out of the scope, so while the European Commission continues its Libya of the DeFi. So my first question is.

Seihaku Yoshida, HashPort (ja-JP): この件は範囲外ですが、欧州委員会は引き続きDeFiに関する議論を進めています。まず最初の質問です。

Seihaku Yoshida, HashPort (en-US): This is outside the current scope, but the European Commission is continuing its discussions on DeFi. My first question is:

Seihaku Yoshida, HashPort: Warrants becoming the front end of.

Seihaku Yoshida, HashPort (ja-JP): ワラントがフロントエンドの役割を果たすようになっています。

Seihaku Yoshida, HashPort (en-US): Warrants are now becoming the front end.

Seihaku Yoshida, HashPort: For the front end for users to reach the DeFi. So how should the law and the regulation and?

Seihaku Yoshida, HashPort (ja-JP): ユーザーがDeFiにアクセスするためのフロントエンドについて、法律や規制はどのように対応すべきでしょうか。

Seihaku Yoshida, HashPort (en-US): Regarding the front end that allows users to access DeFi, how should laws and regulations address this?

Seihaku Yoshida, HashPort: Of a wallet providers be defined and.

Seihaku Yoshida, HashPort (ja-JP): ウォレットプロバイダーの定義について、どのように考えるべきでしょうか。

Seihaku Yoshida, HashPort (en-US): How should wallet providers be defined?

Seihaku Yoshida, HashPort: So from Japan side and EU side. So I just want to discuss about the responsibility.

Seihaku Yoshida, HashPort (ja-JP): 日本側とEU側の観点から、責任について議論したいと思います。

Seihaku Yoshida, HashPort (en-US): I'd like to discuss the responsibilities from both the Japanese and EU perspectives.

Seihaku Yoshida, HashPort: Allegation about DeFi access of the world. So in the beginning, so is Susan. Can you share the view from the Japan side?

Seihaku Yoshida, HashPort (ja-JP): DeFiへのアクセスに関する議論ですが、まずはスーザンさん、日本側の見解を共有していただけますか？

Seihaku Yoshida, HashPort (en-US): We're discussing global access to DeFi. To start, Susan, could you share your perspective from the Japan side?

Taisuke Isono: Yes, I think this whole question might be a question for you, Yoshida son. But yeah, I can share my view on this and.

Taisuke Isono (ja-JP): はい、この質問は吉田さんへの質問かもしれませんが、私の見解も共有できます。

Taisuke Isono (en-US): Yes, this might be a question for you, Mr. Yoshida, but I'm happy to share my perspective as well.

Taisuke Isono: I think there are two-part we can divide it roughly divide it to a two-part. When we think about the role of wallet, especially this time I will talk about the self custody wallet. And one is key management system. You know providing key management system is a very important role. And one more is kind of you know, providing interface for the users to come into the.

Taisuke Isono (ja-JP): このテーマについては、大きく2つの側面に分けて考えられると思います。特に今回はセルフカストディウォレットについてお話しします。1つはキー管理システムの提供です。キー管理システムを提供することは非常に重要な役割です。もう1つは、ユーザーがエコシステムにアクセスするためのインターフェースを提供することです。

Taisuke Isono (en-US): I think we can roughly divide this topic into two main parts. Today, I'll focus on self-custody wallets. The first is providing a key management system, which is a very important role. The second is offering an interface for users to access the ecosystem.

Taisuke Isono: DeFi market, this two roles are very important when we think about self custody wallet. And what I want to say is know key management system is a kind of a yeah, usual system, kind of a service like provided from usual system vendor. I think it is a quite similar thing because we have to create a secure system.

Taisuke Isono (ja-JP): DeFi市場において、セルフカストディウォレットを考えるとき、この2つの役割は非常に重要です。私が言いたいのは、キー管理システムは一般的なシステムベンダーが提供するサービスと似ていて、安全なシステムを構築する必要があるという点です。

Taisuke Isono (en-US): In the DeFi market, these two roles are very important when considering self-custody wallets. What I want to emphasize is that key management systems are similar to services provided by typical system vendors, as we need to build secure systems.

Taisuke Isono: And want want it to be lost. And how do you know explain about the system and then users could use it comfortably. But for the interface side, I think it's a bit tricky because when we think about creating our entire market for DeFi in a healthy manner, I think DeFi is a purely programmable.

Taisuke Isono (ja-JP): そして、失われてほしくないということです。そのシステムについてどのように説明し、ユーザーが安心して使えるようにするかが重要です。ただ、インターフェースの面では少し難しい部分があります。DeFi市場全体を健全に成長させることを考えると、DeFiは完全にプログラム可能な仕組みです。

Taisuke Isono (en-US): We don't want it to be lost, so it's important to explain the system clearly so users can use it with confidence. However, the interface side is a bit more complex. When we think about building a healthy DeFi market, DeFi is fully programmable by nature.

Taisuke Isono: When we talk about the.

Taisuke Isono (ja-JP): この話題についてですが、

Taisuke Isono (en-US): Regarding this topic,

Taisuke Isono: Much permissionless side of DeFi. It is a kind of a programmable economy and programmable economy is like an mechanism design. When we use the term from the economics and when we design the healthy mechanism for the market, I think we should rightly define the participants and also rightly design the rules there.

Taisuke Isono (ja-JP): DeFiのパーミッションレスな側面についてですが、これはプログラマブルな経済そのものです。経済学の用語で言えば、メカニズムデザインに近いものです。市場の健全な仕組みを設計する際には、参加者を正しく定義し、ルールも適切に設計することが重要だと考えます。

Taisuke Isono (en-US): Regarding the permissionless side of DeFi, it's essentially a programmable economy. In economic terms, it's similar to mechanism design. When designing a healthy market structure, it's important to clearly define the participants and properly establish the rules.

Taisuke Isono: And.

Taisuke Isono (ja-JP):

Taisuke Isono (en-US):

Taisuke Isono: I think design the rules could relate it to how to structure the decks itself or how to design the rule on the decks. And for the participant side, how do you find the participant is tightly related to the function of wallet that is provided from the interface or through the interface to the users like such as KYC or some kind of solicitation function to the?

Taisuke Isono (ja-JP): ルール設計はDEX自体の構造や、DEX上でのルール設計に関係します。また、参加者の定義については、ウォレットの機能、例えばKYCや勧誘機能など、インターフェースを通じてユーザーに提供される機能と密接に関連しています。

Taisuke Isono (en-US): Designing the rules relates to how the DEX itself is structured and how its rules are set. On the participant side, defining who participates is closely tied to wallet functions provided through the interface, such as KYC or solicitation features.

Taisuke Isono: You know DeFi, DeFi protocols. So I think you when it comes to the additional functions that could be provided from.

Taisuke Isono (ja-JP): DeFiやDeFiプロトコルについてですが、追加機能の提供について考えるときに重要だと思います。

Taisuke Isono (en-US): Regarding DeFi and DeFi protocols, I think it's important to consider what additional functions could be provided.

Taisuke Isono: The wallet side, that could be kind of a matter of responsibility, who is responsible for providing this KYC function or who is responsible for adding this kind of, you know, DeFi protocols on the list, so.

Taisuke Isono (ja-JP): ウォレット側では、KYC機能の提供やDeFiプロトコルの追加など、誰がその責任を持つのかが重要なポイントになります。

Taisuke Isono (en-US): On the wallet side, it's important to clarify who is responsible for providing KYC functions or adding DeFi protocols.

Taisuke Isono: There are many kind of players will be related to one wallet to provide the service to users and there should be many issues around the responsibility happens on one wallets. So that is my view. So when we want to define the participants on the market, we should characterize the wallet, how to connect what kind of wallet.

Taisuke Isono (ja-JP): 一つのウォレットに多くのプレイヤーが関わり、ユーザーにサービスを提供しています。そのため、ウォレットに関する責任の問題が多く発生すると思います。市場の参加者を定義する際には、どのようなウォレットと接続するか、ウォレットの特徴を明確にする必要があります。

Taisuke Isono (en-US): Many different players are involved with a single wallet to provide services to users, which leads to various issues around responsibility. In defining market participants, we need to characterize the wallet and clarify how and what type of wallet is connected.

Taisuke Isono: Connect to the market and when we characterize the wallet, we need additional function or something on the wallet to be provided. Then the various issues on responsibility should be discussed.

Taisuke Isono (ja-JP): 市場に接続し、ウォレットを特徴付ける際には、ウォレットに追加機能が必要になります。その際、責任に関するさまざまな課題について議論する必要があります。

Taisuke Isono (en-US): When connecting to the market and defining the characteristics of a wallet, we need to consider what additional functions should be provided. The various issues of responsibility should then be discussed.

Seihaku Yoshida, HashPort: OK. Thank you very much for your introduction, I think.

Seihaku Yoshida, HashPort (ja-JP): ご紹介ありがとうございます。

Seihaku Yoshida, HashPort (en-US): Thank you for the introduction.

Seihaku Yoshida, HashPort: How to say give a very how to say great introduction about station in Japan and how this is a degradation move. How's the degradation is moving in the Mika's regulation ecosystem? So Alexandra, can you just briefly how does he introduce the point of view from you?

Seihaku Yoshida, HashPort (ja-JP): 日本の状況について素晴らしいご紹介をいただきありがとうございます。MICA規制のエコシステムにおける進展について、どのように変化しているか簡単にご説明いただけますか？アレクサンドラさん、ご自身の視点からポイントを簡単にご紹介いただけますか？

Seihaku Yoshida, HashPort (en-US): Thank you for the great introduction about the situation in Japan. Could you briefly explain how things are evolving under the MiCA regulatory framework? Alexandra, could you share your perspective on this?

Seihaku Yoshida, HashPort: OK.

Seihaku Yoshida, HashPort (ja-JP): ありがとうございます。

Seihaku Yoshida, HashPort (en-US): Thank you.

alexandra: Yes. So with Mika, with Mika's first version, the legislators left out DeFi, DeFi was out of scope. So centralised exchanges came under Mika, centralised issuers came under Mika, and DeFi was in practice left out of scope.

alexandra (ja-JP): はい。MiCAの最初のバージョンでは、立法者はDeFiを対象外としました。中央集権型取引所と中央集権型発行者はMiCAの規制対象となりましたが、DeFiは実質的に範囲外となりました。

alexandra (en-US): Yes. In the first version of MiCA, legislators excluded DeFi from its scope. Centralized exchanges and centralized issuers were covered by MiCA, but DeFi was effectively left out.

alexandra: Now in Europe, the we've just had the consultation on Mika 2.0, which looks to bring DeFi into scope with the regulation. So that is not a permanent position, but just for reference right now.

alexandra (ja-JP): 現在ヨーロッパでは、Mika 2.0に関するコンサルテーションが行われており、DeFiを規制の対象に含める方向で検討されています。これはまだ最終決定ではありませんが、現時点での参考情報としてお伝えします。

alexandra (en-US): Currently in Europe, there has been a consultation on Mika 2.0, which aims to bring DeFi under regulation. This is not a final decision yet, but it's important to note for now.

alexandra: DeFi is not regulated in Europe.

alexandra (ja-JP): ヨーロッパではDeFiはまだ規制されていません。

alexandra (en-US): DeFi is not currently regulated in Europe.

alexandra: What has come up a lot in the discussions of what how to practically regulate DeFi with Mica 2.0 is the fact that in fact many protocols and many exchanges and many DeFi projects.

alexandra (ja-JP): Mica 2.0でDeFiをどのように実際に規制するかという議論でよく挙がるのは、多くのプロトコルや取引所、DeFiプロジェクトが存在しているという事実です。

alexandra (en-US): A common topic in discussions about how to practically regulate DeFi under Mica 2.0 is the fact that there are many protocols, exchanges, and DeFi projects.

alexandra: Essentially decentralized in-name only or Dinos. A lot of the projects whether.

alexandra (ja-JP): 本質的には「名前だけの分散型」、いわゆるDINO（Decentralized In Name Only）です。多くのプロジェクトが実際にはそうなっています。

alexandra (en-US): Essentially, many of these projects are decentralized in name only, or so-called DINOs. This is the reality for a lot of them.

alexandra: Intentionally or not intentionally, but because founders haven't given up up enough control the of the project or through just the fact that there's not so many validators, there's not so many voting people voting in the protocol. Many of them are functionally centralized, even if in principle they're white paper would have them be decentralized, decentralized. So that is worth noting.

alexandra (ja-JP): 意図的かどうかに関わらず、創業者が十分にコントロールを手放していなかったり、バリデーターや投票者が少ないために、多くのプロジェクトは実質的に中央集権的になっています。ホワイトペーパー上は分散型とされていても、実際には中央集権的に運営されているケースが多いことは注目すべき点です。

alexandra (en-US): Whether intentional or not, many projects remain functionally centralized because founders haven't relinquished enough control, or simply because there aren't enough validators or voters participating in the protocol. Even if the white paper describes them as decentralized, in practice, many are still centralized. This is an important point to note.

alexandra: That really only at the moment Bitcoin.

alexandra (ja-JP): 現時点で本当に分散化されているのはビットコインだけです。

alexandra (en-US): At the moment, Bitcoin is really the only one that's truly decentralized.

alexandra: Is.

alexandra (ja-JP):

alexandra (en-US):

alexandra: Truly. Yeah.

alexandra (ja-JP): 本当にそうですね。

alexandra (en-US): Absolutely, that's true.

alexandra: Undebatably decentralized, and that is a point that we've heard regulators make time and time again. And as to wallets being the gateway to DeFi, it is the one of the practical points at which we can see an entry onto the into the system. So that's why it's sort of referred to as a gateway. So that is why it can be one of the places in which it is practical to attempt to identify.

alexandra (ja-JP): ビットコインは間違いなく分散化されているという点は、規制当局も繰り返し指摘しています。また、ウォレットがDeFiへのゲートウェイと呼ばれるのは、実際にシステムへの入り口となるからです。そのため、識別を試みる実用的なポイントの一つとされています。

alexandra (en-US): Bitcoin is undeniably decentralized, and that's a point regulators have emphasized repeatedly. Wallets are called the gateway to DeFi because they serve as a practical entry point into the system. That's why they're often the focus when it comes to identifying users.

alexandra: By the parties in the transaction. This becomes more complicated as we're entering the agentic economy as identifying agents or identifying wallets that are held and created just for a smart contract to exist. Not all wallets necessarily belong to a beneficiary in the same way that we're used to thinking. So this problem exists both in Europe and Japan and globally is.

alexandra (ja-JP): 取引当事者によるものです。エージェンティックエコノミーに入るにつれて、エージェントやスマートコントラクト専用に作成されたウォレットの識別がより複雑になります。すべてのウォレットが従来のようにベネフィシャリーに紐づいているとは限りません。この課題はヨーロッパ、日本、そしてグローバルに存在しています。

alexandra (en-US): This is determined by the parties involved in the transaction. As we move into the agentic economy, identifying agents or wallets created solely for smart contracts becomes more complex. Not all wallets are necessarily tied to a beneficiary in the way we're used to. This issue exists not only in Europe and Japan, but globally.

alexandra: We need to rethink our framework of WHO.

alexandra (ja-JP): WHOの枠組みを再考する必要があります。

alexandra (en-US): We need to rethink our framework for WHO.

alexandra: And what we are identifying and work out how we can achieve the goals of AM L and anti fraud which is to prevent.

alexandra (ja-JP): そして、私たちが何を特定しようとしているのかを明確にし、AMLや不正防止の目的、つまり犯罪の防止をどのように達成するかを検討する必要があります。

alexandra (en-US): We need to clarify what exactly we are identifying and determine how we can achieve the goals of AML and anti-fraud, which is ultimately to prevent crime.

alexandra: The funds of organized crime and terrorism entering our financial markets and what is practically feasible, but right now our existing KYC systems are just non functionally non efficient for.

alexandra (ja-JP): 組織犯罪やテロ資金が金融市場に流入するのを防ぐこと、そして現実的に実現可能な方法を考える必要があります。しかし現状のKYCシステムは、実質的に機能していません。

alexandra (en-US): We need to prevent funds from organized crime and terrorism from entering our financial markets, and consider what is practically feasible. However, our current KYC systems are simply not functioning efficiently.

alexandra: Both DeFi and the Agenda company.

alexandra (ja-JP): ディファイとアジェンダ社の両方についてです。

alexandra (en-US): This applies to both DeFi and Agenda Company.

Seihaku Yoshida, HashPort: Alexandra, thank you very much for the introduction and the John. Yeah.

Seihaku Yoshida, HashPort (ja-JP): アレクサンドラさん、ご紹介ありがとうございます。そしてジョンさんも、ありがとうございます。

Seihaku Yoshida, HashPort (en-US): Thank you very much for the introduction, Alexandra, and thank you, John.

Seihaku Yoshida, HashPort: Yeah, pretty.

Seihaku Yoshida, HashPort (ja-JP):

Seihaku Yoshida, HashPort (en-US):

Jon Isaksen: Yeah, Thank you. So I think I will take a little bit of a step back and I'll probably try to focus on the non AML parts of it, I think.

Jon Isaksen (ja-JP): ありがとうございます。少し視点を変えて、今回はAML以外の部分に焦点を当ててお話ししたいと思います。

Jon Isaksen (en-US): Thank you. I'd like to take a step back and focus on the non-AML aspects for this discussion.

Jon Isaksen: My sense or what's happening in the EU with Mika too is kind of a trying to say, OK, where can we?

Jon Isaksen (ja-JP): 私の印象では、EUで進行中のMiCA2の動きは、「どこで私たちは…」という議論をしている段階だと思います。

Jon Isaksen (en-US): My impression is that what's happening with MiCA 2 in the EU is that they're trying to figure out where they can...

Jon Isaksen: Create the most, the biggest impact as regulators, there's a ton of questions in the consultation that revolve around access points to D5 actually being the centralized exchanges. So they're trying to protect the user that goes into a regulated entity and then by means of transferring to the non-custodial wallet offering that this CASP already offers, they then end up.

Jon Isaksen (ja-JP): 規制当局としてどこで最も大きなインパクトを生み出せるかという点ですが、コンサルテーションでは、DeFiへのアクセスの多くが実際には中央集権型取引所を通じて行われていることに関する質問が多く出ています。つまり、規制された事業者を利用するユーザーを保護し、その後、既存のCASPが提供するノンカストディアルウォレットに資産を移すことで、ユーザーがDeFiにアクセスする流れを想定しています。

Jon Isaksen (en-US): As regulators, they're considering where they can create the biggest impact. Many consultation questions focus on the fact that access to DeFi often happens through centralized exchanges. Their goal is to protect users who interact with regulated entities, and then, when users transfer assets to the non-custodial wallets offered by these CASPs, they end up accessing DeFi.

Jon Isaksen: DeFi, and from a regulatory perspective, that is at least what I'm understanding is their main concern is that you go into something that is covered under Mika, but then in that same kind of software platform, you all of a sudden are in DeFi, whereas I'm experiencing that there's less concerns about more.

Jon Isaksen (ja-JP): DeFiについてですが、規制当局の観点から見ると、私が理解している限り、彼らの主な懸念は、Mikaの規制下にあるサービスを利用していても、同じソフトウェアプラットフォーム上で突然DeFiに移行してしまう点です。一方で、他の部分についてはそれほど懸念がないように感じています。

Jon Isaksen (en-US): Regarding DeFi, from a regulatory perspective, my understanding is that their main concern is when users start with a service covered by Mika, but within the same software platform, they suddenly move into DeFi. On the other hand, there seems to be less concern about other aspects.

Jon Isaksen: Experienced users that figure out how to use a non-custodial wallet and an interface and go directly into.

Jon Isaksen (ja-JP): 経験豊富なユーザーは、ノンカストディアルウォレットやインターフェースの使い方を理解し、直接DeFiにアクセスしています。

Jon Isaksen (en-US): Experienced users understand how to use non-custodial wallets and interfaces, and access DeFi directly.

Jon Isaksen: I think.

Jon Isaksen (ja-JP):

Jon Isaksen (en-US):

Jon Isaksen: To DeFi. Now as Alexandra points out, it's correct that they are asking questions as to what do we do about DeFi. How do we make sure that Mika doesn't become an empty shell if everyone is just going to a non-custodial wallet into a DEX as that becomes easier and easier as non-custodial wallet increase in terms of UI and user experience. So everyday users can actually also figure it out if it's an app I download.

Jon Isaksen (ja-JP): DeFiについてですが、アレクサンドラさんが指摘した通り、規制当局はDeFiにどう対応するかを問われています。もし誰もがノンカストディアルウォレットを使ってDEXにアクセスできるようになり、UIやユーザー体験が向上すれば、Mikaが形骸化してしまうのではないかという懸念があります。アプリをダウンロードするだけで一般ユーザーも簡単に利用できるようになるからです。

Jon Isaksen (en-US): Regarding DeFi, as Alexandra mentioned, regulators are asking how to address DeFi. There's concern that Mika could become ineffective if everyone simply uses a non-custodial wallet to access a DEX, especially as user interfaces and experiences improve. If it's just an app you download, even everyday users can easily figure it out.

Jon Isaksen: From my perspective, I think the most important and the most difficult thing is that.

Jon Isaksen (ja-JP): 私の視点では、最も重要であり、同時に最も難しい点だと思います。

Jon Isaksen (en-US): From my perspective, I believe this is both the most important and the most challenging issue.

Jon Isaksen: Regulators will have to accept a bigger compromise than what they're used to.

Jon Isaksen (ja-JP): 規制当局は、これまで以上に大きな妥協を受け入れなければならないでしょう。

Jon Isaksen (en-US): Regulators will need to accept a greater compromise than they're used to.

Jon Isaksen: There are simply now the possibility of access and financial services through a mix of financial intermediaries and software programs. So you can easily imagine if I go into a non-custodial wallet, I still pass through something. I use Apple Pay, I go to a non-custodial wallet, I go into DeFi. That is 1 route.

Jon Isaksen (ja-JP): 今では、金融仲介業者とソフトウェアプログラムを組み合わせて金融サービスにアクセスできるようになっています。例えば、Apple Payを使ってノンカストディアルウォレットに入り、そこからDeFiにアクセスするというルートも考えられます。

Jon Isaksen (en-US): Now, it's possible to access financial services through a combination of financial intermediaries and software programs. For example, I could use Apple Pay, move funds into a non-custodial wallet, and then access DeFi. That's one possible route.

Jon Isaksen: That is not something that an average user might do. An average user is more likely to go onto Coinbase because they, for example, prefer that they can forget their password, or they know that someone is actually maintaining custody of their assets so they don't have to do all the.

Jon Isaksen (ja-JP): それは一般的なユーザーがやることではありません。多くのユーザーは、例えばパスワードを忘れても対応してもらえる、資産の管理を誰かがしてくれるといった理由で、Coinbaseのようなサービスを利用する傾向があります。

Jon Isaksen (en-US): That's not something the average user would do. Most users are more likely to use a service like Coinbase because, for example, they can recover their password or know that someone is managing their assets for them.

Jon Isaksen: Protecting themselves. So I think what we're sensing is that there is this question mark in Mika too about what does it mean if I as a user go into a CASP, but then I go into a DeFi Uran product or I want to trade more exotic coins and therefore go to their non-custodial wallet. So I think the questions that regulators are really asking on the EU side is do we need to formalize any of the due diligence or any of the disclosures that might be necessary for a user?

Jon Isaksen (ja-JP): ユーザー自身を守るという観点ですね。Mikaでも議論されていますが、例えばユーザーがCASPを利用した後にDeFiの利回り商品や、よりエキゾチックなコインを取引するためにノンカストディアルウォレットに移動する場合、どのような意味があるのかという疑問が出ています。EUの規制当局が本当に問いたいのは、ユーザーに必要なデューデリジェンスや開示事項を正式に定める必要があるのか、という点だと思います。

Jon Isaksen (en-US): It's about users protecting themselves. In Mika, there's also this question: if a user goes into a CASP, then moves to a DeFi yield product or wants to trade more exotic coins using a non-custodial wallet, what does that mean? Regulators in the EU are really asking whether they need to formalize any due diligence or disclosure requirements for users in these cases.

Jon Isaksen: That is going through a regulated front end and then going into DeFi. And that's a that's a fair question because of course it's important to understand what are the actual risk when I go into a DeFi earn product. But I do think that the sense that we have is that by focusing on the already regulated institutions similar to the SMBC Nico.

Jon Isaksen (ja-JP): それは規制されたフロントエンドを経由してDeFiに入るということです。確かに、DeFiのアーンプロダクトに入る際の実際のリスクを理解することは重要です。ただ、私たちが感じているのは、すでに規制されている機関、例えばSMBC日興のようなところに焦点を当てることが重要だということです。

Jon Isaksen (en-US): That's an example of going through a regulated front end before entering DeFi. It's a valid question, because it's important to understand the actual risks when using a DeFi earn product. However, our view is that it's important to focus on already regulated institutions, similar to SMBC Nikko.

Jon Isaksen: Example you do get this mix where you get the benefits of a lot of the underlying D5 protocols, but.

Jon Isaksen (ja-JP): 例えば、DeFiプロトコルの多くの利点を享受しつつ、

Jon Isaksen (en-US): For example, you get a mix where you benefit from many of the underlying DeFi protocols.

Jon Isaksen: You then have the regulated front ends that people are used to. I think from my perspective that I'll end there. I think the main thing that we are trying to advocate for or to inform the European regulators about is that it's important you don't force the design of the market. So if I am able to safely use a non-custodial wallet, I should be allowed to do that.

Jon Isaksen (ja-JP): そのため、利用者が慣れている規制されたフロントエンドが存在します。私の立場からは、ここで一旦区切りますが、私たちが欧州の規制当局に伝えたい主なポイントは、市場の設計を無理に誘導しないことが重要だということです。もし私が安全にアンホステッドウォレットを利用できるのであれば、それを認めるべきだと考えています。

Jon Isaksen (en-US): So you have these regulated front ends that users are familiar with. From my perspective, I'll stop here, but the main point we want to communicate to European regulators is that it's important not to force the design of the market. If I can safely use a non-custodial wallet, I should be allowed to do so.

Jon Isaksen: Forcing everyone to go through a cast.

Jon Isaksen (ja-JP): 全員にCASPを経由させることを強制するということですね。

Jon Isaksen (en-US): Forcing everyone to go through a CASP.

Jon Isaksen: Will, in the worst instance, raise the price of me accessing D5 because only the Casps are allowed to do it. So I think there's a balance here about competition and making sure that different users with different levels of knowledge can do it in different ways.

Jon Isaksen (ja-JP): 最悪の場合、D5へのアクセスコストが上がってしまいます。なぜなら、CASPだけが利用を許可されるからです。ですので、競争のバランスや、知識レベルの異なるユーザーがそれぞれに合った方法で利用できることが重要だと思います。

Jon Isaksen (en-US): In the worst case, it will increase the cost for me to access DeFi, because only CASPs are allowed to do it. So I think it's important to strike a balance for competition and to ensure that users with different levels of knowledge can access it in different ways.

Seihaku Yoshida, HashPort: Thank you. Thank you very much.

Seihaku Yoshida, HashPort (ja-JP): ありがとうございます。

Seihaku Yoshida, HashPort (en-US): Thank you.

Seihaku Yoshida, HashPort: Yeah, I think the this is a very important topic to take the balance so innovation and regulation. So I think just a few minutes left for this panel. So I jumped question 2 and go to the question three about AI agent. I think this is how this is it's very good topic for this discussion so.

Seihaku Yoshida, HashPort (ja-JP): このイノベーションと規制のバランスは非常に重要なテーマだと思います。パネルの残り時間も少ないので、質問2を飛ばして質問3のAIエージェントについて議論したいと思います。これは今回のディスカッションにとって非常に良いトピックです。

Seihaku Yoshida, HashPort (en-US): Balancing innovation and regulation is a very important topic. Since we only have a few minutes left, I'll skip question two and move on to question three about AI agents. I think this is a great topic for our discussion.

Seihaku Yoshida, HashPort: As people know, AI agent start it.

Seihaku Yoshida, HashPort (ja-JP): ご存知の通り、AIエージェントが始まりました。

Seihaku Yoshida, HashPort (en-US): As you know, AI agents have started to become active.

Seihaku Yoshida, HashPort: The agent are already starting to have their own wallets and send money on their own so, but in both of Japan and the EU there are no clear rules yet for when our air agent sends or receives money. So in the next two or three years, what is?

Seihaku Yoshida, HashPort (ja-JP): エージェントはすでに自分のウォレットを持ち、独自に送金を始めています。しかし、日本とEUの両方で、AIエージェントが送金や受け取りを行う際の明確なルールはまだありません。今後2〜3年でどのような変化があると考えますか？

Seihaku Yoshida, HashPort (en-US): Agents are already starting to have their own wallets and send money independently. However, in both Japan and the EU, there are still no clear rules for when AI agents send or receive money. What changes do you expect to see in the next two to three years?

Seihaku Yoshida, HashPort: One most important thing for Japan and the EU.

Seihaku Yoshida, HashPort (ja-JP): 日本とEUにとって最も重要なことは何でしょうか。

Seihaku Yoshida, HashPort (en-US): What is the most important thing for Japan and the EU?

Seihaku Yoshida, HashPort: You should do for AI agent and digital assets. So how can we help wallets, DeFi and I agent grow while still stopping money laundering and protecting users? OK so I think for the last question.

Seihaku Yoshida, HashPort (ja-JP): AIエージェントやデジタル資産のために何をすべきか。ウォレットやDeFi、AIエージェントの成長を促進しつつ、マネーロンダリング防止やユーザー保護をどう両立させるかが重要です。最後の質問についてですが、

Seihaku Yoshida, HashPort (en-US): What should we do for AI agents and digital assets? How can we support the growth of wallets, DeFi, and AI agents while preventing money laundering and protecting users? Regarding the last question,

Seihaku Yoshida, HashPort: Yeah, I think Alexander, you can answer yeah, description easy, yeah.

Seihaku Yoshida, HashPort (ja-JP): アレクサンドラさん、こちらの質問にご回答いただけますか。説明は簡単で大丈夫です。

Seihaku Yoshida, HashPort (en-US): Alexandra, could you answer this question? A brief explanation is fine.

alexandra: Yeah, at the moment when I look at it from an AML perspective.

alexandra (ja-JP): 現時点でAMLの観点から見ると、

alexandra (en-US): From an AML perspective at this point,

alexandra: We have at least the beginnings of Know Your Agent frameworks. We have the Ethereum 8419. We have nice. There's various others being developed even for companies we have. If we want to link that agent to a corporate entity, we have the GLEIF we have.

alexandra (ja-JP): 少なくとも、Know Your Agentの枠組みが始まっています。Ethereum 8419もありますし、他にもいくつか開発中のものがあります。企業向けには、エージェントを法人と紐付けるためのGLEIFもあります。

alexandra (en-US): At least we now have the beginnings of Know Your Agent frameworks. There's Ethereum 8419, and several others are being developed. For companies, if we want to link an agent to a corporate entity, we have GLEIF.

alexandra: Various projects working on digitising company records so those two entities can be linked and attributed to each other and authorisations that are given to an agent can be shown. At the moment we're slightly lagging behind on digital identity. For persons there is in Europe eidas 2.0.

alexandra (ja-JP): さまざまなプロジェクトが企業記録のデジタル化に取り組んでおり、これによって2つのエンティティを相互に紐付けたり、代理人に与えられた権限を明示できるようになります。ただし、デジタルIDについては現状やや遅れています。個人向けには、ヨーロッパでeIDAS 2.0があります。

alexandra (en-US): There are various projects working on digitizing company records, so these two entities can be linked and authorizations given to agents can be clearly shown. However, we're currently a bit behind on digital identity. For individuals, there's eIDAS 2.0 in Europe.

alexandra: Which is a starting point, but what we really need is encrypted.

alexandra (ja-JP): それは出発点ですが、本当に必要なのは暗号化されたものです。

alexandra (en-US): That's a starting point, but what we really need is encryption.

alexandra: Digital identity that can be used to show where an agent has been authorized by a person or a company or another agent.

alexandra (ja-JP): エージェントが個人や企業、または他のエージェントから認可されたことを示せるデジタルアイデンティティが必要です。

alexandra (en-US): We need a digital identity that can demonstrate when an agent has been authorized by a person, a company, or another agent.

alexandra: And we have to design these new frameworks securely and they have to be interoperable. So it's all very well and good if Europe develops an ID standard, but if Japan?

alexandra (ja-JP): これらの新しいフレームワークはセキュアに設計し、相互運用性を持たせる必要があります。ヨーロッパがID標準を開発しても、日本が対応しなければ意味がありません。

alexandra (en-US): We need to design these new frameworks securely and ensure interoperability. It's not enough for Europe to develop an ID standard if Japan doesn't adopt something compatible.

alexandra: And Korea and America aren't operating with the same required information. We cannot truly have a 24/7.

alexandra (ja-JP): 韓国やアメリカが同じ必要情報で運用していなければ、真の24時間体制は実現できません。

alexandra (en-US): If Korea and the US aren't using the same required information, we can't truly operate 24/7.

alexandra: Interoperable global economy, so one of the key.

alexandra (ja-JP): 相互運用可能なグローバル経済を実現することが重要なポイントの一つです。

alexandra (en-US): Enabling an interoperable global economy is one of the key points.

alexandra: Things we need to work on is actually going back and identifying humans.

alexandra (ja-JP): 今後取り組むべき課題の一つは、人の識別に立ち返ることです。

alexandra (en-US): One of the things we need to focus on is going back to identifying individuals.

alexandra: But also we do need to work out which of their know your agent protocols or frameworks is or which of them are becoming the global standard. It's about communicating and shared standards and that interoperability is key. So when we're identifying an agent in terms of what's our goals with AML, we need to differentiate it from.

alexandra (ja-JP): また、どのKYCエージェントのプロトコルやフレームワークがグローバルスタンダードになりつつあるのかを見極める必要もあります。重要なのは、コミュニケーションと共通の基準、そして相互運用性です。AMLの観点でエージェントを特定する際には、その目的を明確にし、他と区別する必要があります。

alexandra (en-US): We also need to determine which know-your-agent protocols or frameworks are becoming the global standard. It's essential to communicate and establish shared standards, as interoperability is key. When identifying an agent for AML purposes, we need to clarify our objectives and distinguish them from others.

alexandra: Bots a fraud part right? We need to see that it has permissions that it there's permissions are still in date.

alexandra (ja-JP): ボットが不正行為に関与していないか確認する必要があります。また、その権限が有効であることも確認しなければなりません。

alexandra (en-US): We need to make sure the bot isn't involved in fraud, and also verify that its permissions are still valid.

Seihaku Yoshida, HashPort: Thank you. Thank you very much. Yeah. And I think John your house working with Uniswap and meaning DeFi projects. So how do you think about the this program?

Seihaku Yoshida, HashPort (ja-JP): ありがとうございます。ジョンさんはUniswapなどのDeFiプロジェクトと関わっていると思いますが、このプログラムについてどうお考えですか？

Seihaku Yoshida, HashPort (en-US): Thank you. John, since you're working with Uniswap and other DeFi projects, what are your thoughts on this program?

Jon Isaksen: So I think.

Jon Isaksen (ja-JP): ですので、私としては。

Jon Isaksen (en-US): So, in my view,

Jon Isaksen: I mean, building on what if we just start from there, Building on what Alexandra said, I think the only way to do this.

Jon Isaksen (ja-JP): アレクサンドラさんの意見を踏まえると、これを実現する唯一の方法は、

Jon Isaksen (en-US): Building on Alexandra's point, I think the only way to achieve this is,

Jon Isaksen: Is to go about it the same way as we originally did with stablecoin rules. So whether it's FSB with FATIF at the table or it's something that's done through the FATF, I think global coordination at high level principles are absolutely vital. As Alexandra says, it doesn't work if we create 20 different or 50 different standards.

Jon Isaksen (ja-JP): これは、もともとステーブルコインのルール策定で行ったのと同じアプローチを取るべきだと思います。FSBやFATFが関与する形でも、FATFを通じて行う形でも、グローバルな高水準の原則での連携が不可欠です。アレクサンドラさんが言ったように、20や50もの異なる基準を作っても意味がありません。

Jon Isaksen (en-US): We should approach this the same way we did with stablecoin regulations. Whether it's through the FSB with FATF at the table, or directly via the FATF, global coordination on high-level principles is essential. As Alexandra mentioned, it doesn't work if we end up with 20 or 50 different standards.

Jon Isaksen: But this is of course something that we're always dealing with. Nothing novel here, even as novel as AI agents might be. I think what I come back to when I look at this question is actually like, I kind of feel like this is going to sound maybe annoying, but I kind of feel like AML is the easy part here. I kind of feel like there's a very big difference between am I instructing an agent to buy plane tickets on my behalf, giving it a wallet, and funding that wallet with a couple of $1000.

Jon Isaksen (ja-JP): これはもちろん、私たちが常に直面している課題です。AIエージェントがどれだけ新しいものであっても、特に目新しいことではありません。この問題について考えると、少し変に聞こえるかもしれませんが、AMLはむしろ簡単な部分だと感じています。例えば、エージェントに飛行機のチケットを購入させるのか、ウォレットを渡して数千ドルを入金するのか、そこには大きな違いがあります。

Jon Isaksen (en-US): This is something we always deal with, regardless of how novel AI agents may seem. When I consider this issue, it might sound a bit odd, but I actually think AML is the easier part here. There's a significant difference between instructing an agent to buy plane tickets on my behalf and giving it a wallet and funding it with a few thousand dollars.

Jon Isaksen: Or is there?

Jon Isaksen (ja-JP): それとも違うのでしょうか。

Jon Isaksen (en-US): Or is it different?

Jon Isaksen: A true agentic payments happening like is there a car figuring out when is am I charging? Is there liability that happens if an agent is taking advantage of or if it takes advantage of someone else? Like what happens if there is like criminal activity in search or in pursuit of a fully legal goal that I have given the agent or it was programmed to do so I kind of I kind of it's difficult for me to just focus on the AML part of this.

Jon Isaksen (ja-JP): 本当にエージェント主導の決済が行われている場合、例えば車がいつ充電するかを判断している場合、エージェントが誰かを利用したり、逆に利用された場合の責任はどうなるのでしょうか？もし私が合法的な目的をエージェントに与えた結果、犯罪行為が発生した場合、どうなるのでしょうか？AMLの部分だけに集中するのは難しいと感じています。

Jon Isaksen (en-US): When true agent-driven payments occur, for example, if a car decides when to charge, who is liable if an agent takes advantage of someone or is taken advantage of? What happens if criminal activity occurs in pursuit of a fully legal goal that I assigned to the agent or it was programmed to achieve? It's difficult for me to focus solely on the AML aspect here.

Jon Isaksen: I think a lot of this is just as related to scams and them scamming each other. I think that part is much more where my mind goes to when it comes to the AML specific point. I think the issue we simply have is that the traditional way we're thinking of things like detection and tracing is just coming increasingly difficult when you have agents spinning. Like before you had a great hacker spinning up wallets. Now you have that at a genetic pace where wallets keep.

Jon Isaksen (ja-JP): この問題の多くは詐欺や、詐欺師同士が騙し合うことに関係していると思います。AMLの観点で言えば、私が注目しているのはまさにその部分です。従来の検知や追跡の方法では、エージェントが次々とウォレットを作成する状況では対応がますます難しくなっています。以前は優秀なハッカーがウォレットを作っていましたが、今はそれがエージェントによって遺伝的なスピードで行われ、ウォレットが次々と増えていきます。

Jon Isaksen (en-US): I think much of this is related to scams and fraudsters targeting each other. That's really where my focus is from an AML perspective. The main issue is that traditional methods of detection and tracing are becoming increasingly difficult as agents rapidly create new wallets. Previously, skilled hackers would spin up wallets, but now agents are doing this at a genetic pace, constantly generating new wallets.

Jon Isaksen: Getting spun up, they just flow in a completely different way. And I think, unfortunately, I think it's two sides of the same coin. You see all the blockchain analytics firms implementing AI in the pursuit of mitigating the risk of AI. So I think it's going to be this flywheel where everyone has to kind of like build up their arsenal of agents. But I don't, I mean, I'm very curious for others, but I don't have a really good idea about when.

Jon Isaksen (ja-JP): ウォレットが次々と作られて、全く違う流れになっています。残念ながら、これは表裏一体だと思います。ブロックチェーン分析会社もAIを活用してAIリスクの軽減に取り組んでいます。結局、みんながエージェントの体制を強化し続ける必要がある状況です。ただ、正直なところ、いつどうなるかについては私自身も明確な答えはありません。他の方の意見もぜひ聞きたいです。

Jon Isaksen (en-US): Wallets are being created at a rapid pace, and the flow is completely different now. Unfortunately, I think it's two sides of the same coin. Blockchain analytics firms are also using AI to mitigate AI-related risks. So, everyone needs to keep building up their arsenal of agents. Honestly, I don't have a clear idea of when things will change. I'd like to hear what others think.

Jon Isaksen: Exactly. For DeFi specifically, if I instructed my agent, I kind of want to say that everything stays with me and the ID that I have, So the connection between me and my wallet is probably going to get more important while maintaining the privacy that's needed. So yeah, sorry I don't have a better answer than that.

Jon Isaksen (ja-JP): まさにその通りです。特にDeFiの場合、私がエージェントに指示を出した場合、すべてが自分と自分のIDに紐づいている状態を維持したいと思います。自分とウォレットのつながりは、必要なプライバシーを保ちながら、今後さらに重要になっていくでしょう。すみません、これ以上良い答えはありません。

Jon Isaksen (en-US): Exactly. For DeFi, if I instruct my agent, I want everything to remain tied to me and my ID. The connection between myself and my wallet will likely become even more important, while still maintaining the necessary privacy. Sorry, I don't have a better answer than that.

Seihaku Yoshida, HashPort: Yeah, but I think how does it is you're your opinion. I think this is a very hard to say. It's very clear. So yeah, we need to make a same standard, but how they say it's a still has very challenging. So how to say for the last as the last speaker. So it's time. So how do you think about this program? I think you are also how do I say that takes the responsibility about how.

Seihaku Yoshida, HashPort (ja-JP): そうですね、でもあなたの意見はどうですか？これは非常に難しい問題だと思います。明確な基準を作る必要がありますが、まだ多くの課題があります。最後のスピーカーとして、あなたはこのプログラムについてどう考えますか？また、責任を持つ立場でもあると思いますが、いかがでしょうか。

Seihaku Yoshida, HashPort (en-US): So, what is your opinion? I think this is a very difficult issue. We need to establish clear standards, but there are still many challenges. As the last speaker, how do you view this program? I believe you also have some responsibility in this matter.

Seihaku Yoshida, HashPort: Ideated a policy in the CBA. How this is? Yeah. Please share so your point of view and what kind of discussion is happening in the JCBA.

Seihaku Yoshida, HashPort (ja-JP): JCBAでどのようなポリシーが検討されているのか、また現在どのような議論が行われているのか、ご意見をお聞かせください。

Seihaku Yoshida, HashPort (en-US): Could you share your perspective on the policy being discussed within the JCBA, and what kind of discussions are currently taking place?

Taisuke Isono: Yes, you know, it's a very difficult timing because there are many.

Taisuke Isono (ja-JP): ご存知の通り、今は非常に難しいタイミングです。理由はいくつかあります。

Taisuke Isono (en-US): As you know, this is a very challenging time for several reasons.

Taisuke Isono: AI attacks to the security side and also we have to utilize AI to defend all to all of those stuffs. And when we think about when we talk about forming some regulations around the Asiatic trading or Asiatic payment, I think we always want to talk about the merit of using the AIS but.

Taisuke Isono (ja-JP): AIによるセキュリティへの攻撃が増えている一方で、AIを活用して防御する必要もあります。アジア地域の取引や決済に関する規制を検討する際には、AIのメリットについても議論したいと思います。

Taisuke Isono (en-US): AI is increasingly used for security attacks, but we also need to leverage AI for defense. When discussing regulations around Asiatic trading or payments, it's important to highlight the benefits of using AI.

Taisuke Isono: That the hackers or I think hackers are also having.

Taisuke Isono (ja-JP): ハッカーも同じようにAIを活用しています。

Taisuke Isono (en-US): Hackers are also using AI in the same way.

Taisuke Isono: Both stance like when they incentivize by some good thing they will be a white hacker and they incentivized by some bad thing then they will be black hackers. So the same person could be take the both stands. So it's a kind of a very vague thing to divide.

Taisuke Isono (ja-JP): インセンティブによって、同じ人がホワイトハッカーにもブラックハッカーにもなり得ます。ですので、明確に区別するのは非常に曖昧だと思います。

Taisuke Isono (en-US): Depending on their incentives, the same person can act as a white hat hacker or a black hat hacker. So, it's actually quite vague to draw a clear line between the two.

Taisuke Isono: And what is?

Taisuke Isono (ja-JP): それで、何が問題なのでしょうか？

Taisuke Isono (en-US): So, what is the main issue here?

Taisuke Isono: What is bearing some risk to humans or what is providing risks? So who is defending to those the kind of danger of things, so I think.

Taisuke Isono (ja-JP): 人間にリスクをもたらすもの、あるいはリスクを提供するものとは何でしょうか？そのような危険から誰が守るのか、ということだと思います。

Taisuke Isono (en-US): What exactly poses risks to humans, and who is responsible for defending against those dangers? That's what I mean.

Taisuke Isono: The 11 important thing is to understand that the financial market itself is made for human beings, I think, and it is a kind of.

Taisuke Isono (ja-JP): 重要なのは、金融市場自体が人間のために作られているという点を理解することだと思います。

Taisuke Isono (en-US): The important thing is to understand that the financial market itself is designed for people.

Taisuke Isono: I think outstanding.

Taisuke Isono (ja-JP): 素晴らしいと思います。

Taisuke Isono (en-US): I think that's excellent.

Taisuke Isono: Output or art, I say sometimes art made by human. That is a financial market, I think, but.

Taisuke Isono (ja-JP): 私は時々、金融市場は人間が作り出すアウトプットやアートのようなものだと言います。

Taisuke Isono (en-US): Sometimes I say that the financial market is like an output or art created by humans.

Taisuke Isono: And this financial market will continue to work as long as human beings are wants to use it. So for our.

Taisuke Isono (ja-JP): そしてこの金融市場は、人間が使いたいと思う限り、今後も機能し続けます。ですので、私たちにとっては。

Taisuke Isono (en-US): And this financial market will continue to function as long as people want to use it. So for us,

Taisuke Isono: Asian tech challenge like creating some Asian trading service or agent interface that is to minimize or mitigate the.

Taisuke Isono (ja-JP): アジアのテックチャレンジとして、アジア向けのトレーディングサービスやエージェントインターフェースを開発し、リスクを最小化または軽減することが挙げられます。

Taisuke Isono (en-US): One of the Asian tech challenges is developing trading services or agent interfaces tailored for Asia to minimize or mitigate risks.

Taisuke Isono: Information asymmetry which happens around in the market and also what we want to do to create some regulatory compliant decks is also one to.

Taisuke Isono (ja-JP): 市場で発生する情報の非対称性や、規制に準拠したDEXを構築することも私たちが目指しているポイントの一つです。

Taisuke Isono (en-US): Addressing information asymmetry in the market and building a regulatory-compliant DEX are also key objectives for us.

Taisuke Isono: Rely on the.

Taisuke Isono (ja-JP): それに依存しています。

Taisuke Isono (en-US): We rely on that.

Taisuke Isono: Function of the market without.

Taisuke Isono (ja-JP): 市場の機能についてですが、

Taisuke Isono (en-US): Regarding the function of the market,

Taisuke Isono: With minimized control, we want to rely on fully rely on the feature of the blockchain and we want to design something very digitally and automatically autonomous on the blockchain to work like a market. And we don't want to touch it, but if we do something, we have to think about how human beings.

Taisuke Isono (ja-JP): 最小限のコントロールで、ブロックチェーンの特性を最大限に活かし、完全にデジタルかつ自律的なマーケットのような仕組みを設計したいと考えています。私たちは基本的に介入せずに運用したいですが、もし何か手を加える場合は、人間がどのように関与するかも考慮する必要があります。

Taisuke Isono (en-US): With minimal control, we want to fully leverage the features of blockchain to design a fully digital and autonomous market mechanism. Ideally, we don't want to intervene, but if we do, we need to consider how humans would be involved.

Taisuke Isono: Could survive in this world.

Taisuke Isono (ja-JP): この世界で人間がどう生き残れるかを考える必要があります。

Taisuke Isono (en-US): We need to consider how people can survive in this environment.

Taisuke Isono: So what I want to say is envisioning the future or of the human beings could be the same goals for both for the EU and Japan and also for the all over the world and.

Taisuke Isono (ja-JP): 私が言いたいのは、未来を見据えて人間が生きていくための目標は、EUや日本だけでなく、世界中で共通しているということです。

Taisuke Isono (en-US): What I want to emphasize is that envisioning a future where people can thrive is a shared goal for the EU, Japan, and the rest of the world.

Taisuke Isono: To consider in a backward inductive way.

Taisuke Isono (ja-JP): 逆算的に考える必要があります。

Taisuke Isono (en-US): We need to approach this with backward induction.

Taisuke Isono: Then I think we could.

Taisuke Isono (ja-JP): そうすれば実現できると思います。

Taisuke Isono (en-US): Then I think we can achieve that.

Taisuke Isono: Discuss about the regulation or what kind of function we need in this area. So one of our challenge is made from JCBA is to create some regulation around the DeFi or around the agent trading, but it is not.

Taisuke Isono (ja-JP): この分野でどのような規制や機能が必要かについて議論したいと思います。私たちJCBAの課題の一つは、DeFiやエージェントトレーディングに関する規制を作ることですが、まだ十分に整備されていません。

Taisuke Isono (en-US): Let's discuss what kind of regulations or functions are needed in this area. One of the challenges for JCBA is to establish regulations around DeFi and agent trading, but these are not yet fully developed.

Taisuke Isono: For the controlling agents or it is not only for the controlling DeFi itself, it only wants to make it work a very smoothly and improve the efficiency of the entire entire market. And but what is entire market means is maybe the players of the market are becoming to be.

Taisuke Isono (ja-JP): コントロールするエージェントやDeFi自体だけでなく、市場全体がよりスムーズに機能し、効率が向上することを目指しています。ここで言う市場全体とは、市場のプレーヤーが変化しつつあるという意味かもしれません。

Taisuke Isono (en-US): It's not just about controlling agents or DeFi itself. The goal is to make the entire market operate more smoothly and improve overall efficiency. And when we say the entire market, it may mean that the players in the market are starting to change.

Taisuke Isono: Mostly consisted of the AI agents.

Taisuke Isono (ja-JP): 主にAIエージェントが中心になっています。

Taisuke Isono (en-US): It's mostly made up of AI agents.

Taisuke Isono: Directly, but humans are behind those agents then how to realize the AML, CF, CFD stuffs then the answers might be some kind of function we want to add on to the wallet or maybe some kind of rules that we want to design on the you know, DeFi protocols and so.

Taisuke Isono (ja-JP): 直接的にはAIエージェントが取引を行いますが、その背後には人間がいます。その場合、AMLやCFT、CFDなどの対応をどう実現するかが課題です。これに対する答えとしては、ウォレットに新たな機能を追加したり、DeFiプロトコルに新しいルールを設計することが考えられます。

Taisuke Isono (en-US): While AI agents are executing the transactions, there are still humans behind them. So, the challenge is how to implement AML, CFT, and CFD measures. Possible solutions include adding new functions to wallets or designing new rules within DeFi protocols.

Taisuke Isono: I think you know what we shouldn't do.

Taisuke Isono (ja-JP): 何をすべきでないかは明確だと思います。

Taisuke Isono (en-US): I think it's clear what we shouldn't do.

Taisuke Isono: Is only making approach from the existing side.

Taisuke Isono (ja-JP): 既存の側面からのアプローチだけになっています。

Taisuke Isono (en-US): We're only approaching this from the existing side.

Taisuke Isono: That is something.

Taisuke Isono (ja-JP): それは重要なポイントです。

Taisuke Isono (en-US): That's an important point.

Taisuke Isono: Proven by the recent incidents or recent risks, that is.

Taisuke Isono (ja-JP): 最近の事例やリスクがそれを証明しています。

Taisuke Isono (en-US): Recent incidents and risks have proven that point.

Taisuke Isono: Made by AI attacks, so we should envision the future and how to create the current status could be also the very productive approach. And especially for DeFi space, I think not only rely on the traditional KYC, we should do KY agent or KY transaction in real time and we should define the new KY something and make it happen.

Taisuke Isono (ja-JP): AIによる攻撃もあるので、今後を見据えて現状をどう作るかという視点も非常に生産的だと思います。特にDeFi領域では、従来のKYCだけに頼るのではなく、リアルタイムでKYエージェントやKYトランザクションを行い、新しいKYの仕組みを定義して実現すべきだと考えます。

Taisuke Isono (en-US): Given the rise of AI-driven attacks, it's important to look ahead and consider how we can proactively shape the current environment. Especially in the DeFi space, we shouldn't rely solely on traditional KYC. We should implement real-time KY agent or KY transaction processes, define new KY standards, and put them into practice.

Taisuke Isono: Very technically on the technical.

Taisuke Isono (ja-JP): 技術的な観点から言うと。

Taisuke Isono (en-US): From a technical perspective.

Taisuke Isono: Situation. So we are also a stratified institution providing some important roles in the financial market and we are regulated as a financial institution. But maybe we should play the same role as a tech provider in this market in the future. Then the regulation should be more on the like John said.

Taisuke Isono (ja-JP): 状況として、私たちも金融市場で重要な役割を担う階層化された機関であり、金融機関として規制されています。ただ、将来的にはこの市場でテックプロバイダーとして同じ役割を果たすべきかもしれません。その場合、規制もジョンさんが言ったような方向に進むべきだと思います。

Taisuke Isono (en-US): In this situation, we are also a layered institution playing an important role in the financial market, and we are regulated as a financial institution. However, in the future, we may need to play the same role as a tech provider in this market. In that case, regulation should move in the direction John mentioned.

Taisuke Isono: The relationship should be more on like for the software vendors, so.

Taisuke Isono (ja-JP): 規制はソフトウェアベンダーに近い形になるべきだと思います。

Taisuke Isono (en-US): Regulation should be more like what we see for software vendors.

Taisuke Isono: I think what kind of things we are doing and what kind of future we are envisioning should be efficiently reflected on the regulation.

Taisuke Isono (ja-JP): 私たちがどのような事業を行い、どのような未来を描いているのかが、規制に効率的に反映されるべきだと思います。

Taisuke Isono (en-US): I believe the activities we're engaged in and the future we're envisioning should be efficiently reflected in the regulations.

Seihaku Yoshida, HashPort: OK, thank you very much. I think the time is coming. Thank you for the great discussion from the panellists and yeah, I think our discussion can be how to say to help the productive and helpful information for you makes decision in the DeFi agent and the volatile year. OK, thank you very much. I back to.

Seihaku Yoshida, HashPort (ja-JP): ありがとうございました。パネリストの皆さまの素晴らしい議論に感謝します。本日のディスカッションが、DeFi分野で意思決定を行う皆さまにとって有益な情報となれば幸いです。ありがとうございました。司会にお返しします。

Seihaku Yoshida, HashPort (en-US): Thank you very much. I appreciate the great discussion from all the panelists. I hope today's discussion provides useful information to help you make decisions in the DeFi space during this volatile year. Thank you. Back to the moderator.

Seihaku Yoshida, HashPort: How this is moderated to Kimura San, thank you very much.

Seihaku Yoshida, HashPort (ja-JP): この議論は木村さんにモデレートしていただき、ありがとうございました。

Seihaku Yoshida, HashPort (en-US): Thank you, Kimura-san, for moderating this discussion.

Keisuke Kimura, JCBA: Thank you very much, Yoshihasan, and thank you to all our panelists for Panel 2.

Keisuke Kimura, JCBA (ja-JP): 吉田さん、そしてパネル2の全てのパネリストの皆さま、本当にありがとうございました。

Keisuke Kimura, JCBA (en-US): Thank you very much, Mr. Yoshida, and thank you to all our panelists for Panel 2.

Tommaso Astazi: Thank you, Arigato Keisuke, and thanks everyone for joining our conversation today. I think it was very interesting. I don't want to take too much time now, but absolutely wanted to thank again the Japanese Crypto Business Association for the collaboration in organizing this webinar. Also, all of our panellists in Panel 1 and Panel 2, you know, the conversations we just heard, I think they really gave us some very interesting perspectives and I think you know.

Tommaso Astazi (ja-JP): ありがとうございます、圭介さん。そして本日ご参加いただいた皆さまにも感謝いたします。とても有意義なディスカッションだったと思います。時間の都合もありますので手短にしますが、改めて日本暗号資産ビジネス協会のご協力に感謝申し上げます。また、第1部と第2部のパネリストの皆さまにもお礼申し上げます。先ほどの議論から多くの興味深い視点を得ることができました。

Tommaso Astazi (en-US): Thank you, Keisuke, and thanks to everyone for joining us today. I found the discussion very insightful. I won't take up too much time, but I want to express my appreciation again to the Japanese Crypto Business Association for their collaboration in organizing this webinar. I also want to thank all the panelists from Panel 1 and Panel 2. The conversations we just had provided us with some very interesting perspectives.

Tommaso Astazi: On the key takeaways that we can take from here is that when we look at Europe and Japan, they are obviously starting from some different starting positions. When we look at stable coins, for example, we took different roads, but at the same time the destinations are really the same, right? So both regimes have similar requirements and expectations for stablecoin issuers. And the real questions in the end are around interoperability of the wider global framework, right?

Tommaso Astazi (ja-JP): ここでの主なポイントは、ヨーロッパと日本は明らかに異なる出発点からスタートしているということです。例えばステーブルコインについて見ると、異なる道を選びましたが、最終的な目的地は実は同じです。両方の制度とも、ステーブルコイン発行者に対して似たような要件や期待を持っています。最終的な本当の課題は、より広いグローバルな枠組みの相互運用性に関することだと思います。

Tommaso Astazi (en-US): One of the key takeaways is that Europe and Japan are clearly starting from different positions. For example, when it comes to stablecoins, we've taken different approaches, but ultimately the destination is the same. Both frameworks have similar requirements and expectations for stablecoin issuers. The real question is about the interoperability of the broader global framework.

Tommaso Astazi: Where global stablecoins could be operating and how. And then we had a very, very interesting discussion on DeFi and wallets and we heard the of the considerations that are being made in Europe and in Japan around these topics, the potential expansion of these regulatory perimeter that we have in Europe to potentially include DeFi and all of the questions also.

Tommaso Astazi (ja-JP): グローバルなステーブルコインがどこで、どのように運用されるのかという点も重要です。また、DeFiやウォレットについても非常に興味深い議論があり、ヨーロッパと日本でどのような検討が進んでいるのか、規制の枠組みがDeFiまで拡大する可能性や、それに伴うさまざまな課題についても話し合われました。

Tommaso Astazi (en-US): We also discussed where global stablecoins could operate and how. There was a very interesting conversation about DeFi and wallets, and we heard about the considerations being made in both Europe and Japan, including the potential expansion of the regulatory framework in Europe to cover DeFi and the related questions that arise.

Tommaso Astazi: That are being addressed by the Japanese colleagues. I think they really show that.

Tommaso Astazi (ja-JP): 日本の同僚の皆さんが取り組んでいる点は、本当に重要な示唆を与えてくれています。

Tommaso Astazi (en-US): The points being addressed by our Japanese colleagues really highlight important insights.

Tommaso Astazi: Again, the questions are the same. And so the most important thing is to keep cooperating, to keep talking with each other. We are really in a phase where we're moving from defining the rule books, defining the rules of this industry to actually apply them, implement them and have a supervision of the players. And so now it's even more important to for these two jurisdictions to keep the dialogue going.

Tommaso Astazi (ja-JP): 繰り返しになりますが、課題は共通しています。最も重要なのは、協力し続けること、対話を続けることです。今まさに、ルールブックを定義する段階から、実際にルールを適用し、実装し、業界のプレイヤーを監督する段階へと移行しています。だからこそ、欧州と日本の両方が継続的に対話を重ねることが、これまで以上に重要になっています。

Tommaso Astazi (en-US): Again, the questions are the same. The most important thing is to continue cooperating and communicating. We're now moving from defining the rulebooks to actually applying and implementing them, and supervising industry players. So it's even more important for Europe and Japan to keep the dialogue going.

Tommaso Astazi: And obviously, we're very happy of this partnership with the Japanese Crypto Business Association, and we're hoping that this is just the first step.

Tommaso Astazi (ja-JP): もちろん、日本暗号資産ビジネス協会とのパートナーシップを大変嬉しく思っていますし、これが最初の一歩になることを期待しています。

Tommaso Astazi (en-US): We're very pleased with our partnership with the Japanese Crypto Business Association, and we hope this is just the beginning.

Tommaso Astazi: Of many other ideas and things that we can do together in 2027, there will be a lot more of the interesting discussions as you heard with Mika to potentially coming and all of the changes that are being discussed in Japan. So just a final, I guess a remark, an invitation to all of our listeners, all of our members, association members to really talk with us and talk with your industry associations because this is the way that we can.

Tommaso Astazi (ja-JP): 2027年には、さらに多くのアイデアや取り組みが一緒にできると思います。Mikaの導入や日本で議論されているさまざまな変化についても、今後さらに興味深い議論が増えていくでしょう。最後に、リスナーや会員の皆さまに、ぜひ私たちや業界団体と積極的に対話していただきたいと思います。これが業界を前進させる方法です。

Tommaso Astazi (en-US): In 2027, there will be many more opportunities and ideas for us to work together. As you heard, with the potential introduction of MiCA and all the changes being discussed in Japan, we can expect even more interesting discussions. Finally, I encourage all our listeners and association members to actively engage with us and your industry associations. This is how we can move the industry forward.

Tommaso Astazi: Provide our practical experience.

Tommaso Astazi (ja-JP): 私たちの実務経験を共有します。

Tommaso Astazi (en-US): We'll share our practical experience.

Tommaso Astazi: And expertise to the policymakers so that they can actually understand what is working well and what not, and we can all move towards an even better regulatory environment in the future. So again, thank you all, Arigato, and thanks for being with us this morning.

Tommaso Astazi (ja-JP): そして私たちの専門知識を政策立案者に提供することで、何がうまくいっていて何が課題なのかを理解してもらい、今後さらに良い規制環境に向けて一緒に進んでいけると思います。改めて、皆さん本当にありがとうございました。今朝ご参加いただき感謝します。

Tommaso Astazi (en-US): By sharing our expertise with policymakers, we can help them understand what works well and what doesn't, so we can all move toward a better regulatory environment in the future. Once again, thank you all for joining us this morning.

Tommaso Astazi: Or e-mail.

Tommaso Astazi (ja-JP): またはメールでもご連絡ください。

Tommaso Astazi (en-US): Or feel free to contact us by email.

Keisuke Kimura, JCBA: To bring today's weather to a close, I'd like to welcome back Tomasso from Blockchain for Europe for a few closing remarks. Tomaso U.

Keisuke Kimura, JCBA (ja-JP): 本日のセッションを締めくくるにあたり、Blockchain for Europeのトマッソさんにクロージングコメントをお願いしたいと思います。トマッソさん、よろしくお願いします。

Keisuke Kimura, JCBA (en-US): To close today's session, I'd like to invite Tommaso from Blockchain for Europe to share a few closing remarks. Tommaso, please go ahead.

Jon Isaksen: Thank you.

Jon Isaksen (ja-JP): ありがとうございます。

Jon Isaksen (en-US): Thank you.

Keisuke Kimura, JCBA: Thank you, Tomaso. Yeah, thank you very much. So sorry.

Keisuke Kimura, JCBA (ja-JP): トマソさん、ありがとうございます。本当に感謝しています。申し訳ありません。

Keisuke Kimura, JCBA (en-US): Thank you, Tomaso. I really appreciate it. My apologies.

Keisuke Kimura, JCBA: OK. So enjoy the rest of your day in Europe and have a good evening in Japan. Thank you very much. Bye bye.

Keisuke Kimura, JCBA (ja-JP): それでは、ヨーロッパの皆さんは引き続き良い一日を、日本の皆さんは良い夜をお過ごしください。本日はありがとうございました。さようなら。

Keisuke Kimura, JCBA (en-US): Enjoy the rest of your day in Europe, and have a good evening in Japan. Thank you very much. Goodbye.

Taisuke Isono: Thank you.

Taisuke Isono (ja-JP): ありがとうございます。

Taisuke Isono (en-US): Thank you.

Erwin Voloder: Thanks everybody.

Erwin Voloder (ja-JP): 皆さん、ありがとうございました。

Erwin Voloder (en-US): Thank you, everyone.

Taisuke Isono: Hi.

Taisuke Isono (ja-JP): こんにちは。

Taisuke Isono (en-US): Hello.

Seiji Yuki JCBA: Gauss and Suraj.

Seiji Yuki JCBA (ja-JP): ガウスさんとスラジさん。

Seiji Yuki JCBA (en-US): Gauss and Suraj.