Japan seeks tax filing exemption for trust-based stablecoin holder changes

Japan’s Financial Services Agency has included in its requests for fiscal 2027 tax revisions a proposal to exempt the submission of tax-related documents each time ownership of a trust-based stablecoin changes, CoinPost reported. The agency cited the nature of stablecoins as payment instruments that continue circulating among multiple users, making it difficult for trustees to track each holder’s name and every ownership change. The Japanese government and the ruling bloc are expected to discuss the proposal as they prepare year-end tax revision measures. A trust-based stablecoin is issued against trust assets after an issuer deposits customer funds received in fiat currency with a trust bank or trust company for safekeeping.