Japan
CoinPost
FSA Reviews Approach to DeFi Regulation; Nomura Calls for Rules 'Equivalent to Overseas'
- The FSA study group is reviewing institutional frameworks for stablecoins, deposit tokenization, security tokens, and DEX/DeFi, following up on a December 2025 working group report that found no established clear regulatory approach for DEXs; tokenized asset issuance surpassed $35 billion as of July 2026, with the global market projected to reach $18.9 trillion by 2033.
- Nomura Holdings, represented by Digital Asset Strategy Department head Toshinori Sasaki, raised 10 practical and legal issues and urged that DeFi/smart-contract and wallet-provider regulation match overseas standards rather than being stricter, that non-custodial wallet providers face no excessive regulation, and that the 1 million yen holding/transfer limit on foreign-issued stablecoins be reconsidered.
- Securitize Japan noted real-world asset (RWA) tokenization reached a $39 billion market cap by end-September with a 195% three-year average annual growth rate, and referenced the US SEC's September 17 move allowing certain tokenized offerings to meet qualifying requirements; the forum also discussed stablecoin use for government benefit payments and a Ministry of Finance study group on on-chain government bonds launched October 8.