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A blockchain-focused caucus of lawmakers from Japan’s Liberal Democratic Party held a meeting today to discuss regulatory improvements including clearer property rights for cryptocurrencies, CoinPost reported.
The Japan Blockchain Association proposed clarifying legal property rights for cryptocurrencies and other digital assets, defining the legal status of DeFi and decentralized exchanges, and allowing stablecoins to be used for tax payments. Yuzo Kano, the JBA’s representative, argued that cryptocurrencies held directly by individuals through private keys lack a clear legal character and should be defined as electronic property rights. Seiji Kihara, head of the lawmakers’ caucus, said revising relevant laws could take time and Japan plans to first improve rules tied to securities custody and investment trusts.