Regulation· ★★★· neutral·

Japan says book-entry law blocks applying DTCC tokenization model to stocks

  • —Article 12-2 of the book-entry law limits depository's own-account opening purposes
  • —US uses indirect holding via DTCC; Japan assigns rights directly to investors
  • —Global tokenized asset issuance topped $35B as of July 2026, per RWA.xyz
  • —DTCC plans full tokenization service in October 2026 after Canton Network test
Why it matters: Japan risks falling behind the US in tokenizing equities and bonds as DTCC prepares its October launch, with legal amendments needed to catch up.
Source: TokenPost
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