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Projects / FASE / Harmonization among Crypto-asset, Stablecoin and Tokenized Deposit

FASEIn Progress

Harmonization among Crypto-asset, Stablecoin and Tokenized Deposit

Shared industry-structure framing across crypto-assets, stablecoins, and tokenized deposits to support regulatory debate.

Work on DiscourseOpen this WG on Discourse ↗FASE documents

At a glance

Working Group
FASEFASE — Financial Applications & Social Economics
Latest document
Discussion Paper: The Industrial Structure of Digital Assets (11 June 2026)
Next milestone
Block 15 · 16 Oct, 09:50 (session 2-3)
Themes
Stablecoin · DeFi · Governance

Overview

Produces a shared view of industry structure as a basis for regulatory and supervisory debate across jurisdictions.

Expected deliverables

  • Industry structure discussion paper
  • Cross-jurisdiction comparison notes
  • Meeting reports

Current status

The Discussion Paper "The Industrial Structure of Digital Assets" (Study Group on the Ideal Industrial Structure for Digital Assets) was first presented at Block 14 in Tokyo and has been revised through open consultation; the current version is dated 11 June 2026. A FASE contribution (discussion draft, 23 September 2026) reports early findings on three of its six open questions: competitive asymmetry, infrastructure and global markets, and public chains as public goods. Block 15 session 2-3 takes all six questions to the room.

Documents

TypeTitleWhen
DiscussionThe Industrial Structure of Digital Assets — Discussion Paper (version of 11 June 2026)2026/06
SlidesFASE contribution: Offshore, Infrastructure, Public Goods (discussion draft)2026/09
ReferenceFASE working folder—

Full library (including historical study reports) → Publications

Roadmap

  • 2025–26
    Block sessions & drafts
  • Oct 2026
    Block 15 · 16 Oct, 09:50 (session 2-3)Current
  • 2027
    Follow-on deliverables

Upcoming meetings

Block 15 sessionBGIN Block 1516 Oct 2026 · 09:20 - 09:50 · Room A

Keynote: Policy

Policy keynote framing for Day 2 FASE and cross-WG sessions.

Link regulatory themes to harmonization discussion paper progress.

Open →
Block 15 sessionBGIN Block 1516 Oct 2026 · 09:50 - 11:20 · Room A

FASE: Industrial Design of Digital Assets

The Discussion Paper "The Industrial Structure of Digital Assets": mapping the stakeholders and structural features of the industry as Japan moves crypto-asset regulation to the FIEA.

Six open questions — competitive asymmetry, infrastructure, compete vs. share, public chains as public goods, coexistence with DeFi, diversifying capital markets — with proposals from the room.

Open →
Block 15 sessionBGIN Block 1516 Oct 2026 · 11:30 - 13:00 · Room A

FASE: Decentralized Compute & Market Structure

Could decentralised compute networks be commodity markets? The FASE study report "Compute-as-Commodity" applies six criteria to Akash, Bittensor, Render and Aethir.

Productive vs. circular flows, regulatory gaps, and a draft policymaker checklist; links to the concentration-of-computing-resources challenge from session 2-3.

Open →
Block 15 sessionBGIN Block 1516 Oct 2026 · 13:00 - 13:45 · Room A

Industry Session

Industry-led session on policy and market themes (partner and format to be announced).

Practitioner perspectives on harmonized treatment of crypto-assets, stablecoins and tokenized deposits, feeding FASE harmonization deliverables.

Open →
WG callFASE Working GroupAnnounced on Discourse

Review open comments on the latest draft or meeting report.

Prep agenda items and contributors for Block 15.

Coordinate cross-WG handoffs where needed.

Open →

How to participate

  • Work on Discourse — open to anyone, no membership required
  • Review the latest documents and comment on open issues
  • Contribute at Block 15 and related meetings listed above

Official working forum (permissionless): How to work on Discourse · Open this WG ↗ · Block 15

Contact Info
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