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East Asia

Japan

Asia's first licensed crypto market is moving crypto into securities law, with insider-trading rules and a flat 20% tax to follow.

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Licences

What it takes to operate in Japan: 5 licences, who issues each, what it covers and who holds one.

Licences over time

New licences each year, those cancelled, revoked or surrendered, and how many hold one.

Hold a licence now
27
New in 2026 so far
+1
Cancelled in 2026 so far
−2

Every registration since the regime began in April 2017 (Kanto Nos. 1-32 and Kinki Nos. 1-4) is checked against archived copies of the FSA register, with Binance Japan dated from its original Kinki registration of 1 December 2017 as the register's own footnote gives it (it was re-registered under the Kanto bureau on 14 October 2022 after moving its head office), while operators that were only 'deemed' registrants before 2017 and never registered are not counted. From the official register and the regulator's notices, read 10 Oct 2026.

See the numbers
YearNewCancelledHolders
2026 so far+1−227
2025–−128
2023–−229
2022+1–31
2021+7−230
2020+4−125
2019+6–22
2017+16–16

Crypto-Asset Exchange Service Provider (CAESP) registration

FSA · Payment Services Act, Chapter III-3 (moving to the FIEA by July 2027)

Buying, selling and exchanging crypto-assets for customers, intermediating those trades, and custody.

What it takes
  • Stock company (or foreign company with a Japanese branch) with capital of at least ¥10 million and positive net assets
  • Customer fiat held in trust and customer crypto segregated, with most kept in cold wallets
  • Annual external audit of financial statements and of segregation
  • AML/CFT programme, travel rule compliance and IT security review
  • JVCEA membership in practice, including its token screening rules

Holders include

27holders, 1 Sep 2026Register

Electronic Payment Instrument Exchange Service Provider registration

FSA · Payment Services Act (2022 amendment, in force June 2023)

Buying, selling, exchanging and holding stablecoins, including approved foreign stablecoins, for customers.

What it takes
  • Registration with the Local Finance Bureau and fit and proper management
  • Segregation of customer stablecoins and funds
  • Due diligence on foreign stablecoins, including issuer reserves and redemption
  • AML/CFT and travel rule compliance

Holders include

2holders, 27 Aug 2026Register

Stablecoin issuance as a bank, trust company or funds transfer service provider

FSA · Payment Services Act, Banking Act and Trust Business Act

Issuing fiat-backed electronic payment instruments redeemable at par, via deposit, trust or funds transfer structures.

What it takes
  • Only banks, trust banks or trust companies, and licensed funds transfer providers may issue
  • Funds transfer issuers must fully back tokens with deposits or government bonds and honour redemption at par
  • Trust-type reserves held in bank deposits, with capped JGBs and term deposits allowed from June 2026
  • AML/CFT controls and FSA supervision of the issuer

Holders include

No public countRegister

Electronic payment instrument and crypto-asset service intermediary registration

FSA · Payment Services Act (2025 amendment, in force 1 June 2026)

Introducing customers to registered exchanges or stablecoin intermediaries without holding customer assets.

What it takes
  • Registration and submission of prescribed application documents
  • Disclosure to customers of the principal firm it works for
  • Ban on holding customer money or crypto-assets
  • Conduct rules and record-keeping set by Cabinet Office ordinance
No public count

Crypto-asset trading business registration under the FIEA

FSA · Financial Instruments and Exchange Act, as amended by Law No. 64 of 2026

Replaces the CAESP registration once the 2026 amendment starts, covering spot trading, custody and intermediation of crypto-assets.

What it takes
  • Existing CAESPs must re-register under the FIEA within transitional deadlines
  • Securities-style conduct rules, including suitability and advertising controls
  • Market surveillance and internal controls against insider trading and manipulation
  • Information provision on listed crypto-assets, including issuer disclosure for specified crypto-assets
No public count

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