PANews reported on April 28th that, according to CoinPost, Japan's Financial Services Agency (FSA) has, for the first time, explicitly classified JPYC, the country's first yen-denominated stablecoin issuer, as a "money flow operator" in its official publication, *Access FSA*, placing it under the same legal framework as payment services like PayPay and Rakuten Pay. FSA officials explained that from an economic perspective, the process of a user paying JPYC 10,000 yen to obtain an equivalent amount of stablecoins, the stablecoins circulating in the market, and the final holder applying to JPYC to exchange them back for yen essentially constitutes "money flow." Money flow operators are divided into three categories, and JPYC falls into the corresponding category, bearing the obligation to protect users' pre-deposited assets by more than 100%. Even if the operator goes bankrupt, users' funds are generally fully refunded. The FSA stated that the money flow industry has already played a role as national infrastructure and has established a Fintech support window and a demonstration platform to support new services.