Pillsbury teamed up with City-Yuwa, a Tokyo-based law firm, in crafting a report to provide the Japanese Financial Services Agency, or FSA, with information on how to appropriately regulate the trading of stablecoins, a digital currency attached to a stable reserve asset, in Japan under the country’s amended Payment Services Act.

The report includes findings from an original independent research project titled “Value Linkage Mechanisms and Trust Functions in Stablecoins” and also features the most recent updates of the New York State Department of Financial Services (NYDFS) regulations over stablecoins issued by licensors under New York state law.

Financial Industry Group senior counsel Brian Montgomery and Corporate Investigations & White Collar Defense counsel David Oliwenstein composed Articles I, II, III (1), (2) and VI. Each delivered important insights regarding cryptocurrency regulations in the U.S., the regulatory authorities that govern the digital assets markets, the exit and redemption of assets in the purchase of stablecoins, and the regulation of stablecoins issued by a Limited Purpose Trust Company (LPTC).