日本金融廳已向國會提交《支付服務法》修正案，新规定要求交易所運營商必須在國内保留用戶资產，以防止破產時资金外流。同时，信託型穩定幣的支持资產可包括期限不超過三个月的美国围债或“可中期取消的定期存款”，最高可達發行額的 50%。此外，法案擬設立“中介業務'類别，對僅充當交易中介的企業實施監管，以降低合規門。此前自民黨Web3 工作組此前曾提議，將加密貨幣監管轉至《金融工具和交易法》(FIEA)，並實行單獨稅制。這標誌着加密货幣“野生長”向“制度化参舆'的關鍵轉型。短期可能引發市场波動和行業整合，但長期来看通過規範中介機構角色，有望提升市場穗定性、吸引構资金，並全球監管提供重要範本。

Japan's Financial Services Apency Submits Amendment to CryptocurrencyRegulations, Proposing to Establish a Category of'intermediary Business”

TheFinancial Services Agency of Japan has submitted an amendment to the Pavm-ent Services Act to the National Diet. The new regulations require exchange operators t-o retain users' assets domestically to prevent the outflow of funds in the event of bankr-uptcy. At the same time, the supporting assets of trust-type stablecoins can include US Treasury bonds with a maturity of no more than three months or 'time deposits that ca-nbe cancelled in the medium term', up to 50% of the issuance amount. In addition, the bill proposes to establish a category of 'intermediary business' to regulate enterprises that only act as transaction intermediaries, in order to lower the compliance threshold. Previously, the Web3 working group of the Liberal Democratic Party had proposed tran-sferring the regulation of cryptocurrencies to the Financial Instruments and Exchange A-ct (FIEA) and implementing a separate tox system. This marks a crucial transformation of cryptocurrencies from 'wild growth' to 'institutionalized participation', In the short t-erm, it may trigger market fluctuations and industry consolidation. However, in the long run, by standardizing the role of intermediaries, it is expected to enhance market stabili-ty, attract institutional funds, and provide an important model for global regulation.