PANews December 1 news, according to LedgerInsights, the Japanese Financial Services Agency (FSA) last week proposed some ideas regarding cryptocurrencies and stablecoins to the Financial System Council's Payment Services Working Group. They expressed that they do not wish for financial institutions other than trust banks to issue stablecoins. For trust banks, although the FSA proposed to relax the requirement that all assets must be held in demand deposits as reserves, transfers of stablecoins must comply with KYC under the travel rule. The FSA believes that the issuance of unlicensed stablecoins by banks is equivalent to issuing demand liabilities rather than deposits, and if problems arise, it would be problematic to apply the deposit insurance system since the liabilities are not deposits.