The article presents the lesson learned from the recent dislocation of cryptoassets and stablecoins, Japan’s regulatory framework on cryptoassets and the need for global coordination on regulation and supervision of cryptoassets.

Key elements of the bill are reportedly as follows:

• The bill defines stablecoins as digital money. 
• The bill stipulates that the issuance of stablecoins is limited to licensed banks, registered money transfer agents and trust companies in Japan.
• The new legislation also introduces a registration system for financial institutions to issue such digital assets and provides anti-money laundering measures.
• The new legal framework will reportedly take effect in 2023, with Japan’s Financial Services Agency planning to introduce regulations for stablecoin issuers in the coming months.

The network aims to provide an open and neutral sphere for all blockchain stakeholders to deepen their understanding, address issues they face to attain sustainable development of the blockchain community. Their aims are to:

1. create an open, global and neutral platform for multi-stakeholder dialogue;
2. develop a common language and understandings among stakeholders with diverse perspectives; and
3. build academic anchors through continuous provision of trustable documents and codes based on an open source-style approach.