PANews reported on December 1 that according to LedgerInsights, the Financial Services Agency (FSA) of Japan proposed some ideas about cryptocurrencies and stablecoins to the Payment Services Working Group of the Financial System Committee last week. They proposed that they do not want financial institutions other than trust banks to issue stablecoins. For trust banks, although the Financial Services Agency of Japan has proposed to relax the requirement that all assets must be held in demand form, stablecoin transfers must be KYC in accordance with the travel rules. The Financial Services Agency of Japan believes that banks issuing unlicensed stablecoins are equivalent to issuing demand liabilities, not deposits. If problems arise, since liabilities are not deposits, there will be problems with the application of the deposit insurance system.