Japan
JapanAsia's first licensed crypto market is moving crypto into securities law, with insider-trading rules and a flat 20% tax to follow.
Key Regulatory Progress
Every law, rule and official guide on crypto in Japan: 10 apply today, and the rest show what's coming and how regulators read the rules. Each is explained in plain words and linked to the official original.
Last checked against the originals on 5 Oct 2026.
Core framework
The primary statutes that define crypto assets and who may deal in them.
- EnactedPassed, not yet in force
Act Partially Amending the Financial Instruments and Exchange Act and the Payment Services Act (Law No. 64 of 2026)
金融商品取引法及び資金決済に関する法律の一部を改正する法律
Submitted 10 April 2026 and enacted 15 July 2026, it moves crypto trading from the Payment Services Act into the FIEA and adds issuer disclosure and an insider-trading ban. Promulgated on 23 July 2026, its penalties for unregistered business took effect on 12 August 2026; the main crypto provisions start on a date set by Cabinet Order within one year of promulgation, and a few other provisions on fixed dates in 2027.
- KSKatayama SatsukiMinister of Finance and Minister of State for Financial Services
Morishita TetsuoProfessor of Law, Sophia University
- EnactedPassed, not yet in force
Explanatory materials for the 2026 FIEA and PSA amendment bill
金融商品取引法及び資金決済に関する法律の一部を改正する法律案 説明資料
The FSA's slide explanation of the bill: specified crypto-assets, disclosure duties, business conduct rules for crypto trading firms and the new unfair trading provisions.
- KSKatayama SatsukiMinister of Finance and Minister of State for Financial Services
- Morishita TetsuoProfessor of Law, Sophia University
- GuidanceNot binding law
On-chain Finance Forum for the AI Era
AI時代を見据えたオンチェーン金融フォーラム
A cross-ministry forum chaired by the financial services minister to push blockchain-based on-chain finance into real use alongside sound use of AI by financial firms. The FSA's new Crypto-Asset and Stablecoin Division acts as secretariat.
Read the original - GuidanceNot binding law
Report by the Working Group on Crypto-asset Systems of the Financial System Council
The expert report that recommended regulating crypto as an investment product under the FIEA, distinct from securities. English publication notice dated 16 February 2026.
Read the original - SupersededReplaced
Discussion Paper: Examination of the Regulatory Systems Related to Cryptoassets
The FSA's first public case for shifting crypto from payments law to securities law, including insider-trading rules and disclosure for issuer-backed tokens. Overtaken by the December 2025 working group report and Law No. 64 of 2026.
Read the original
Exchanges & custody
Licensing, conduct and custody rules for trading platforms and service providers.
- In forceApplies today
List of Registered Crypto-asset Exchange Service Providers
The official register, published as PDF and Excel. The Japanese edition dated 1 September 2026 lists 27 providers, 25 under the Kanto bureau and 2 under Kinki.
Read the original - In forceApplies today
Payment Services Act (Act No. 59 of 2009)
資金決済に関する法律
The statute that has governed crypto-asset exchange services since April 2017 and electronic payment instruments since June 2023; the official text is current to Law No. 64 of 2026. Crypto provisions move to the FIEA once that amendment's main provisions start.
Read the original - GuidanceNot binding law
Green List and handled crypto-assets of JVCEA members
The FSA-certified self-regulator's list of tokens members can list without a fresh association review. It drives which assets reach Japanese retail.
Read the original
Stablecoins & payments
Issuance, reserve and redemption rules for fiat-referenced tokens and payment tokens.
- In forceApplies today
List of Registered Electronic Payment Instrument Exchange Service Providers
Register of firms allowed to buy, sell and hold stablecoins for customers. Two are registered: SBI VC Trade since March 2025 and Coincheck since August 2026.
Read the original - In forceApplies today
Cabinet order and ordinances implementing the 2025 Payment Services Act amendment
令和７年資金決済法改正に係る政令の公布及びパブリックコメントの結果等について
Sets the 1 June 2026 start date and lets trust-type stablecoins hold capped shares of JGBs and early-redeemable term deposits as reserves.
Read the original - In forceApplies today
Act for Partial Amendment of the Payment Services Act (2025)
資金決済に関する法律の一部を改正する法律
Law No. 66 of 2025 adds an intermediary registration for crypto and stablecoin services, lets the FSA order assets kept in Japan, and widens reserve assets for trust-type stablecoins. Enacted 6 June 2025, in force 1 June 2026.
Read the original - In forceApplies today
Act for Partial Amendment of the Payment Services Act (2022, stablecoins)
安定的かつ効率的な資金決済制度の構築を図るための資金決済に関する法律等の一部を改正する法律
Created electronic payment instruments, limiting issuance to banks, trust companies and funds transfer providers and licensing intermediaries. In force since 1 June 2023.
Read the original - GuidanceNot binding law
Payment Innovation Project: support decision for joint stablecoin issuance by the three megabanks
「FinTech実証実験ハブ・決済高度化プロジェクト（PIP）」支援決定案件について
The FSA backs Mizuho, MUFG, SMBC, Mitsubishi Corporation, MUFG Trust and Progmat in testing whether a stablecoin jointly issued by several bank groups can meet regulatory and operational requirements.
Read the original
Tokenisation & securities
Security tokens, RWA, funds and ETFs.
- In forceApplies today
Financial Instruments and Exchange Act (Act No. 25 of 1948)
金融商品取引法
Japan's securities law, which already covers security tokens and crypto derivatives and will house spot crypto regulation once the 2026 amendment takes effect.
Read the original - In forceApplies today
2019 amendments to the Payment Services Act and FIEA (crypto-assets and security tokens)
情報通信技術の進展に伴う金融取引の多様化に対応するための資金決済に関する法律等の一部を改正する法律
Introduced electronically recorded transferable rights, the legal basis for security tokens, and moved crypto derivatives into the FIEA. In force since 1 May 2020.
Read the original
AML & travel rule
Anti-money-laundering obligations and the FATF travel rule.
- In forceApplies today
Act on Prevention of Transfer of Criminal Proceeds (Act No. 22 of 2007)
犯罪による収益の移転防止に関する法律
Japan's core AML law. Exchanges and stablecoin intermediaries must verify customers and, since June 2023, pass originator and beneficiary data on transfers.
Read the original - GuidanceNot binding law
Notification obligations regarding transfers of crypto-assets and electronic payment instruments
FSA explanation of the travel rule as applied to exchanges and stablecoin intermediaries, including data to be sent with each transfer.
Read the original
Tax
How gains, income and transactions are taxed.
- EnactedPassed, not yet in force
Act Partially Amending the Income Tax Act, etc. (Law No. 12 of 2026)
所得税法等の一部を改正する法律
Enacted and promulgated 31 March 2026, it creates a separate 15% national income tax (about 20.315% with local and reconstruction taxes) on specified crypto-assets sold through registered firms, with a three-year loss carry-forward. It applies from 1 January of the year after the FIEA amendment takes effect.
- KSKatayama SatsukiMinister of Finance and Minister of State for Financial Services
Taira MasaakiMember of the House of Representatives (Liberal Democratic Party)
- GuidanceNot binding law
Tax treatment of crypto-assets and calculation sheets (December 2025)
暗号資産等に関する税務上の取扱い及び計算書について
The NTA's current FAQ and worksheets: crypto gains are miscellaneous income taxed at progressive rates of up to about 55% including local tax.
Read the original - SupersededReplaced
Outline of the FY2026 Tax Reform
令和８年度税制改正の大綱
Cabinet decision to tax gains on specified crypto-assets sold through registered firms at a separate 20% rate with a three-year loss carry-forward, from 1 January of the year after the FIEA amendment takes effect. Enacted by the March 2026 Income Tax Act amendment.
Read the original
Investor protection
Market abuse, disclosure, advertising and retail safeguards.
- In forceApplies today
Cabinet order for the provisions of the 2026 FIEA amendment effective 20 days after promulgation
令和８年金融商品取引法等改正（20日後施行）に係る政令の公布について
Confirms that heavier penalties for unregistered crypto business and expanded SESC criminal investigation powers took effect on 12 August 2026.
Read the original - GuidanceNot binding law
Further strengthening of measures to prevent fraud using crypto-assets
暗号資産を用いた詐欺被害等防止に向けた対策の一層の強化について
Joint request to the JVCEA asking exchanges to hold back withdrawals for a period after deposits or purchases, pre-register withdrawal addresses, set withdrawal limits and freeze suspect accounts faster.
Read the original
CBDC & tokenised money
Central-bank digital currency and tokenised deposit programmes.
- GuidanceNot binding law
Central Bank Digital Currency
The BOJ's CBDC hub, covering its proof-of-concept phases and ongoing pilot programme; the English edition of its June 2026 pilot progress report was posted on 11 September 2026. The bank has not decided to issue a digital yen.
Read the original
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