PANews reported on April 23 that, according to CoinPost, Shigeru Shimizu, head of the Risk Analysis Division of the Japanese Financial Services Agency (FSA), stated at the 9th BCCC Collaborative Day that the FSA has submitted a bill to a special session of the Diet to transfer the regulatory framework of virtual currencies from the Funds Settlement Act to the Financial Instruments and Exchange Act (FIE) to strengthen user protection. Key points of the bill include: regulating information disclosure based on whether issuers comply with regulations; establishing a new category for "crypto asset trading businesses" and strengthening the regulation of these businesses; increasing penalties for unregistered businesses and strengthening the oversight by securities regulatory commissions; improving insider trading regulations; and expanding the scope of administrative fines.

Shigeru Shimizu also introduced three empirical experiments of the Payment Advancement Project (PIP): first, the three major banks and others participated in issuing yen-denominated stablecoins to verify the efficiency of cross-border payments; second, blockchain was used to record the transfer of rights in government bonds, corporate bonds, investment trusts, and stocks, enabling 24-hour continuous securities trading and settlement; and third, a tokenized deposit transfer mechanism between different banks was established, in cooperation with the Bank of Japan's "Central Bank Current Deposit Tokenization Sandbox Project." Shimizu stated that blockchain has enormous potential in improving the convenience and diversification of financial services, and the Financial Services Agency will continue to promote environmental preparation and practical support.