Japan: crypto and stablecoin regulation (as of 1 November 2026)

As of 2026-11-01

The Payment Services Act (Act No. 59 of 2009) defines "electronic payment instruments" (電子決済手段), the category the Financial Services Agency (FSA) uses for stablecoins. The Cabinet Orders and Cabinet Office Orders for the 2022 amendment that added these rules were enforced on 1 June 2023 (FSA), and the 2025 amendment has been in force since 1 June 2026; per the FSA, issuers must be licensed as a bank, fund transfer service provider or trust company, and the FSA register lists 2 registered intermediaries, not issuers. An Act passed on 15 July 2026 moves crypto-asset (暗号資産) regulation from the Payment Services Act to the Financial Instruments and Exchange Act (FIEA); it takes effect on a day set by Cabinet Order.

This page states what the official sources say. It is not legal advice.

Status as of 1 November 2026

Status	Rule	Since / from	Source
In force	Stablecoin framework under the Act Partially Amending the Payment Services Act, etc. (Act No. 61 of 2022, promulgated 10 June 2022). Per the FSA, the finalized Cabinet Orders, Cabinet Office Orders and others for the 2022 revision were enforced on 1 June 2023.	1 June 2023	FSA
In force	2025 amendment to the Payment Services Act (Act No. 66 of 2025, enacted 6 June 2025), with its Cabinet Order and Cabinet Office Orders.	1 June 2026	FSA, FSA
In force	Amended Cabinet Office Order on electronic payment instruments exchange service providers: trust beneficiary rights under equivalent foreign law count as electronic payment instruments.	1 June 2026	FSA
In force	Electronic payment instruments exchange business requires registration (Article 62-3). The FSA register (27 August 2026) lists 2 providers: SBI VC Trade (handles USDC, RLUSD and JPYSC) and Coincheck (handles USDC). They are intermediaries, not issuers; the FSA says it only confirmed, on the providers' explanations, that the instruments meet the legal definition, and does not guarantee or recommend them.	Register of 27 August 2026	e-Gov, FSA register
Pending	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 (Act amending the Financial Instruments and Exchange Act and the Payment Services Act), submitted 10 April 2026 and passed 15 July 2026. Per the FSA overview, it moves regulation of crypto-asset transactions from the Payment Services Act to the FIEA (暗号資産取引に係る規制を資金決済法から金商法に移管). It takes effect on a day set by Cabinet Order within one year from promulgation, with listed provisions on their own dates (Supplementary Provisions, Article 1).	Day set by Cabinet Order	FSA, FSA (Act text), FSA (overview)

Key rules

Definition. Article 2(5) defines electronic payment instruments (電子決済手段) as: (item 1) currency-denominated property value, recorded electronically, that can be used to pay unspecified persons for goods or services, can be bought from and sold to unspecified persons, and can be transferred through an electronic data processing system (excluding securities, electronically recorded monetary claims, prepaid payment instruments and similar items specified by Cabinet Office Order, and items under item 3); (item 2) property value that can be exchanged with item 1 instruments with unspecified persons and transferred electronically; (item 3) specified trust beneficiary rights (特定信託受益権); and (item 4) items equivalent to these specified by Cabinet Office Order. (e-Gov)
Who may issue. Per the FSA (presentation of 7 December 2022), stablecoin issuers must be licensed as a bank, fund transfer service provider or trust company, and must give users clear redemption rights. (FSA)
Intermediaries. Electronic payment instruments exchange business may be carried on only by persons registered with the Prime Minister (Article 62-3). (e-Gov)
Backing, fund transfer type. Per the FSA (2022), fund transfer service providers may issue stablecoins as claims on outstanding obligations, and must secure the obligation through money deposits with official depositaries, bank guarantees, or entrusted safe assets such as bank deposits and government bonds. (FSA)
Backing, trust type (2022 position). Per the FSA (2022), trust companies may issue stablecoins as trust beneficiary rights and must hold all the trusted assets as bank deposits. (FSA)
Backing, trust type (from 1 June 2026). In allowing the backing assets of specified trust beneficiary rights to be invested in certain government bonds and in term deposits that allow early withdrawal, the orders under the 2025 amendment set the eligible assets, maximum allocation ratios and specific requirements to prevent loss of principal. (FSA)
Algorithmic and non-redeemable coins. Per the FSA (2022), other self-claimed stablecoins, such as algorithmic stablecoins (e.g. Terra) and non-redemption stablecoins (e.g. DAI), fall in the same regulatory category as Bitcoin ("crypto assets"). (FSA)
Foreign stablecoins (from 1 June 2026). Trust beneficiary rights under foreign law that ensures equivalence with Japan's regime are defined as electronic payment instruments, and equivalence with Japan's regime is the standard when exchange service providers judge whether handling a foreign electronic payment instrument is appropriate. (FSA)
Assets held in Japan. The 2026 orders set the specific scope of assets that electronic payment instruments exchange service providers and crypto-asset exchange service providers can be ordered to hold in Japan. (FSA)
Crypto assets and stablecoins after the 2026 Act. Per the FSA overview, crypto-asset (暗号資産) regulation moves from the Payment Services Act to the FIEA, and the overview diagram shows stablecoins (ステーブルコイン) under the Payment Services Act. The Act also renames the "電子決済手段・暗号資産サービス仲介業" (electronic payment instrument and crypto-asset service intermediary business) in the Payment Services Act to "電子決済手段サービス仲介業" (electronic payment instrument service intermediary business). (FSA (overview), FSA (Act text))

Timeline

Date	Event	Source
10 June 2022	2022 amendment to the Payment Services Act (Act No. 61 of 2022) promulgated	FSA
7 December 2022	FSA presentation on the stablecoin framework (issuer types and backing)	FSA
1 June 2023	Cabinet Orders and Cabinet Office Orders for the 2022 amendment enforced	FSA
4 March 2025	SBI VC Trade registered as an electronic payment instruments exchange service provider (No. 00001)	FSA register
6 June 2025	2025 amendment to the Payment Services Act (Act No. 66 of 2025) enacted	FSA
19 May 2026	Amended Cabinet Office Order on foreign trust-type electronic payment instruments promulgated, after a public consultation that drew 16 comments	FSA
22 May 2026	Cabinet Order and Cabinet Office Orders for the 2025 amendment promulgated, after 259 comments from 62 individuals and organisations	FSA
1 June 2026	2025 amendment and the foreign trust-type rule in force	FSA, FSA
15 July 2026	Act amending the FIEA and the Payment Services Act passed by the Diet (submitted 10 April 2026)	FSA
27 August 2026	Coincheck registered (No. 00002); the register lists 2 providers	FSA register

Not covered here

A rule on interest or yield to holders of electronic payment instruments, retail marketing rules specific to electronic payment instruments, and the number of licensed stablecoin issuers (banks, fund transfer service providers and trust companies) are not stated in the sources this page uses, nor are the Act number, the promulgation date and the Cabinet Order date of the 2026 Act amending the FIEA and the Payment Services Act. The FSA register of electronic payment instruments lists intermediaries only, and the FSA register of fund transfer service providers was not checked for stablecoin issuers. The issuer and backing rules marked 2022 come from an FSA presentation that predates the 2025 amendment.

Sources

Updated: 2026-11-01 · Markdown version