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🇯🇵 Japan

The world's most mature but slowest and strictest crypto exchange regime, domestic-only, heavily supervised, and mid-transition to full securities-style regulation under FIEA

Crypto (CASP / VASP) E-money (EMI)
Last verified 2026-08-15 Next review 2026-08-29

Data verified: oldest cell 46 days ago (verified 2026-07-02). Individual cells show their own verification date below.

Capital requirement Capital requirement is included with access. Included with access Timeline to authorisation Timeline to authorisation is included with access. Included with access Application cost Application cost is included with access. Included with access Passporting Passporting is included with access. Included with access

Licence type

Crypto-Asset Exchange Service Provider (CAESP) registration with the Prime Minister (delegated to the FSA), under Article 63-2 of the Payment Services Act (PSA). Crypto derivatives trading is separately regulated as a Type I Financial Instruments Business under the Financial Instruments and Exchange Act (FIEA). A parallel intermediary-only registration category was introduced by the 2025 PSA/LPAI amendments.

Verified 2 days agoSource: Japanese Law Translation (official government translation): https://www.japaneselawtranslation.go.jp/en/laws/view/3965/en ; Chambers Blockchain 2025 Japan guide: https://practiceguides.chambers.com/practice-guides/blockchain-2025/japan

Regulator

Financial Services Agency of Japan (FSA / JFSA), registration authority, acting via the Prime Minister's delegated power and Local Finance Bureaus. The Japan Virtual and Crypto-assets Exchange Association (JVCEA) is the FSA-certified self-regulatory organisation that runs mandatory token-listing screening and conduct rules; JVCEA membership is the de facto baseline for registration even though not a strict legal requirement.

Verified 2 days agoSource: FSA official site: https://www.fsa.go.jp/en/regulated/licensed/index.html ; JVCEA official English page: https://jvcea.or.jp/english/

Recent changes

The FIEA and Payment Services Act amendment was promulgated on 23 July 2026. The first tranche, raising penalties for unregistered business and expanding SESC investigative powers, took effect on 12 August 2026. The core crypto-to-FIEA reclassification takes effect within one year of promulgation on a day to be fixed by cabinet order, so the exact date remains pending and cannot be later than 23 July 2027.

Verified 2 days agoSource: https://www.fsa.go.jp/news/r8/shouken/20260729/20260729.html

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Not legal advice. Entries marked placeholder or awaiting verification shouldn't be relied on. Verify with Japan's regulator and qualified local counsel before acting.