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The MyNa Wallet model is Japan's distinctive answer for combining "KYC-cleared assurance × permissionless UX"

Confidence: Likely Updated 2026-05-18 Review by 2026-08-08 Sources 3 Machine-translated Original (JA)
#fintech#stablecoin#kyc#japan
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Wiki route

This entry sits under fintech index. Read it with Japan Financial Regulation — Legal Framework for Tokens, Crypto Assets, and Payments for adjacent context and Three-Layer Structure of Japan's Stablecoin Regulatory Regime (JPYC, USDC, Project Pax) for the broader system boundary.

[!info] TL;DR If a wallet with identity-verification functions linked to the My Number Card is embedded as an in-app app inside a banking app, it becomes possible to satisfy bank-grade KYC while still delivering a near-permissionless UX. This is a powerful solution to break through Retail Stablecoins Fall into a Double Bind of \"Bank Issuance vs Permissionless UX\" — There Is No Winning Path in the Payment Layer Alone, the trap that Japanese retail SC faces. Securities-affiliated and crypto-asset-affiliated operators have already invested within 2025 年 (publicly disclosed).

Conclusion

Structure of the MyNa Wallet model:

User → launches banking app
       → in-app app: MyNa Wallet
       → identity verified by tapping the My Number Card
       → already KYC-cleared at the bank + physical existence verified via My Number
       → transfer funds and use SC on a KYC-cleared layer (near-permissionless UX)

Core:

  • Tapping the My Number Card = physically grounding a “real existing person” inside the app
  • Bank KYC + My Number existence verification = institution-grade identity assurance
  • In-app app form inside the banking app → enables a UX where the wallet does not need to be consciously “noticed”

Reasoning

  • Multiple banks and major credit-card players have been approached with “MyNa Wallet integration”
  • My Number Card issuance has exceeded 1 億 = already social infrastructure in Japan
  • The shareholder structure of MyNa Wallet places securities-side players (Monex) alongside crypto-asset-side players (Coincheck group) → a combination where crypto-asset operating know-how and securities-operating know-how intersect
  • Use cases exist around hospital payments, ticket-resale prevention, Mercari counterfeit controls, and other ID + payment combinations
  • It is positioned to provide an “ID × wallet × KYC” layer as social infrastructure, something banks and legacy payment companies cannot build alone (the protocol base points in the same direction as ERC-4337 embedded wallet adoption, but starts from KYC)

Applicable When

  • Designing differentiation for Japanese retail SC (My Number linkage, etc.; where connection with JPYC is under consideration)
  • Explaining Japan’s structural advantage in “USDC vs domestic SC” debates → Japan, with My Number, has the “chance” to build KYC-based SC from the outset
  • Designing a bank BaaS × wallet linkage structure, where a shared KYC layer can be built in combination with Domestic CEX × deposit tokens / EPI integration strategy — DCJPY / Progmat / JPYC collaboration
  • Designing the KYC layer as an SC issuer
  • Building a differentiation axis versus existing retail-payment rails such as PayPay and Suica

Source

  • Public: Monex Group investment in MyNa Wallet (already disclosed)
  • Public: My Number Card issuance above 1 億 (MIC)
  • Consistency: Minna Bank BaaS model has the same app-in-app structure
  • Consistency: the solution in retail-stablecoin-dual-bind