Japan

Regulatory Status

Jurisdiction code

JP

Regime

Licensing

Regulator

FSA / JFSA

Governing law

Payment Services Act / FIEA

Travel Rule

Enforced

Tracked entities

26

Recognized stablecoin backing

fiat-backed, crypto-backed, commodity-backed

Yield-bearing stablecoins

Restricted

Currency

JPY

Regulatory approach

The Financial Services Agency (FSA) is Japan's primary financial regulator responsible for supervising banks, securities firms, insurance companies,stablecoin issuers and crypto-asset service providers, requiring registration and compliance under the Payment Services Act and FIEA. The FSA serves as the primary regulator of Japan's stablecoin market:; Licensing and Registration: Approves bank affiliates, fund transfer service providers, and trust companies as stablecoin issuers; EPISP Oversight: Registers and supervises Electronic Payment Instrument Service Providers; Rulemaking: Issues implementing ordinances and FSA guidelines specifying technical requirements; Examination and Supervision: Conducts on-site examinations, requests information, and monitors compliance; Enforcement: Issues administrative guidance, suspends licenses, revokes registrations, and refers matters for criminal prosecution

Licensed entities in Japan

27 regulated-entity records tracked in Japan by Plexo Institute.

Stablecoin laws in Japan

Primary legal texts Plexo Institute tracks for Japan.

• First domestic yen-pegged stablecoin approvals (JPYC, RLUSD) (enacted 2025-08-19)

  FSA approved JPYC and others; JPYC got license; Ripple's RLUSD also cleared via institutional compliance.

• Amendment to Payment Services Act: Stablecoin Legal Framework (enacted 2023-06-01)

  Stablecoins treated as electronic payment instruments; only licensed banks/trust/money-transfer agents may issue fully reserved, audited, and redeemable tokens.

Regulatory events in Japan

Dated regulatory developments Plexo Institute tracks for Japan, most recent first.

• Expected Amendment Enactment (2025-12-01 · Regulatory)

  Amended PSA provisions expected to take effect, relaxing reserve composition rules

• Amendment Bill Submitted (2025-03-07 · Legislative)

  Government submits bill to National Diet with proposed amendments to reserve composition requirements

• Financial System Council Report (2025-01-22 · Legislative)

  Working Group on Payment Services System publishes recommendations for PSA amendments

• JVCEA Certified as Self-Regulatory Organization (2024-10-25 · Legislative)

  Japan Virtual and Crypto Assets Exchange Association (JVCEA) approved as certified self-regulatory organization for EPISP activities

• Electronic Payment Instrument Service Provider (EPISP) Registration Opened (2024-03-04 · Regulatory)

  EPISP registration opens; CAESP registers as first EPISP handling USDC

• Full Implementation (2023-06-01 · Regulatory)

  Payment Services Act Amendment (stablecoin provisions) becomes fully effective

• FSA Framework Publication (2022-09-01 · Regulatory)

  FSA publishes Regulatory Framework for Crypto-assets and Stablecoins

• Parliamentary Approval (2022-06-03 · Legislative)

  Payment Services Act Amendment passes both chambers of National Diet

Central bank digital currency in Japan

Plexo Institute tracks 1 central bank digital currency programme in Japan.

• Digital Yen (DCJPY) — Status: Pilot · Central bank: Bank of Japan (BOJ) · Model: Retail · Technology: Proprietary (Phase 2 testing)

Relationship Graph

• Browse the full regulated-entity registry
• Compare all jurisdiction profiles
• Plexo Institute research

Jurisdiction FAQ

Who regulates Japan?

The current Plexo Institute record lists FSA / JFSA as the regulator for Japan.

How many VASPs are tracked in Japan?

26 VASP/entity records are tracked by Plexo Institute in Japan.

What is the Travel Rule status in Japan?

The current Plexo Institute record lists the Travel Rule status for Japan as Enforced.

Source Evidence

This profile is compiled from official legislation and regulator records. Source confidence: official source evidence.

• JFSA VCEA Registry
• Atlantic Council Tracker
• Library of Congress