| Presentation | 2023-11-10 A Legally Regulatable Stablecoin on a Public Blockchain Hayato Shimamura, Shigeichiro Yamasaki, |
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| PDF Download Page |  PDF download Page Link |
| Abstract(in Japanese) | (See Japanese page) |
| Abstract(in English) | The purpose of this research is to propose a legally regulatable stablecoin system on a public blockchain. In June 2022, an amendment to the Payment Services Act in Japan legally recognized digital money-like stablecoins as “electronic payment instrumentcryptoasset”. However, the Financial Services Agency's explanation materials primarily envisioned this law's implementation on permissioned blockchains and raised concerns about using public blockchains. This study aims to enable regulatory oversight, compliance with anti-money laundering, counter-terrorism financing, and diffusion of financial regulations by proposing a stablecoin system on a public blockchain. The system adopts a 4 Corner Model, like credit card payment security, and requires 2-of-3 multi signatures for unlocking stablecoins, allowing transaction monitoring and transaction suspension by the stablecoin brand entity. We call our proposed model of token distribution the “Four Corners Model for Stablecoin”. |
| Keyword(in Japanese) | (See Japanese page) |
| Keyword(in English) | Stablecoin / Blockchain / Four Corners Model / DID / Verifiable Credentials |
| Paper # | ISEC2023-73,SITE2023-67,LOIS2023-31 |
| Date of Issue | 2023-11-02 (ISEC, SITE, LOIS) |
| Conference Information | |
| Committee | LOIS / SITE / ISEC |
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| Conference Date | 2023/11/9(2days) |
| Place (in Japanese) | (See Japanese page) |
| Place (in English) | Satellite Campus Hiroshima |
| Topics (in Japanese) | (See Japanese page) |
| Topics (in English) | |
| Chair | Hiroyuki Toda(NTT) / Takushi Otani(Kibi International Univ.) / Goichiro Hanaoka(AIST) |
| Vice Chair | Manabu Motegi(Takushoku Univ.) / Soichiro Morishita(Cyber Agent) / Takeo Tatsumi(Open Univ. of Japan) / Junji Shikata(Yokohama National Univ.) / Shinsaku Kiyomoto(KDDI Research) |
| Secretary | Manabu Motegi(Nagasaki Univ.) / Soichiro Morishita(NTT) / Takeo Tatsumi(NRI-Secure) / Junji Shikata(Fukuoka Inst. of Tech.) / Shinsaku Kiyomoto(AIST) |
| Assistant | Makoto Takita(Univer. of Hyogo) / Yusuke Kaneko(Japan Research Institute) / Hiroki Okada(KDDI Research) |
| Paper Information | |
| Registration To | Technical Committee on Life Intelligence and Office Information Systems / Technical Committee on Social Implications of Technology and Information Ethics / Technical Committee on Information Security |
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| Language | JPN |
| Title (in Japanese) | (See Japanese page) |
| Sub Title (in Japanese) | (See Japanese page) |
| Title (in English) | A Legally Regulatable Stablecoin on a Public Blockchain |
| Sub Title (in English) | Four Corners Model for Stablecoin |
| Keyword(1) | Stablecoin |
| Keyword(2) | Blockchain |
| Keyword(3) | Four Corners Model |
| Keyword(4) | DID |
| Keyword(5) | Verifiable Credentials |
| 1st Author's Name | Hayato Shimamura |
| 1st Author's Affiliation | Kindai University(Kindai Univ.) |
| 2nd Author's Name | Shigeichiro Yamasaki |
| 2nd Author's Affiliation | Kindai University(Kindai Univ.) |
| Date | 2023-11-10 |
| Paper # | ISEC2023-73,SITE2023-67,LOIS2023-31 |
| Volume (vol) | vol.123 |
| Number (no) | ISEC-245,SITE-246,LOIS-247 |
| Page | pp.pp.119-126(ISEC), pp.119-126(SITE), pp.119-126(LOIS), |
| #Pages | 8 |
| Date of Issue | 2023-11-02 (ISEC, SITE, LOIS) |