🇯🇵 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) E-Money (EMI)

Last verified 2026-07-02 Next review 2026-07-16

Data verified: oldest cell 1 day ago (verified 2026-07-02). Individual cells show their own verification date below.

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 2026-07-02 Source: 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 2026-07-02 Source: FSA official site: https://www.fsa.go.jp/en/regulated/licensed/index.html ; JVCEA official English page: https://jvcea.or.jp/english/

Capital requirement 🔒

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Timeline to authorisation 🔒

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Local substance 🔒

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Application cost 🔒

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Ongoing cost 🔒

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Passporting 🔒

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MiCA CASPs approved 🔒

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Key restrictions 🔒

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Recent changes

Major overhaul underway: Japan's Cabinet approved an FIEA amendment bill (10 April 2026) to reclassify crypto-assets as 'financial instruments,' moving oversight from the PSA to FIEA, applying insider-trading rules, disclosure obligations, and market-conduct rules akin to securities law, alongside sharply increased criminal penalties (up to 10 years imprisonment / JPY 10 million fines for unregistered solicitation). The Lower House passed the bill 11 June 2026; it awaits Upper House passage, with effect expected as early as 2027. A flat 20% capital-gains tax on crypto (replacing progressive rates up to 55%) has been approved in principle. On 1 May 2025, PSA/LPAI amendments took effect introducing a new intermediary-only registration category and tightening stablecoin/EPI rules; a further overseas trust-type stablecoin equivalence framework takes effect 13 June 2026.

Verified 2026-07-02 Source: Finance Magnates: https://www.financemagnates.com/cryptocurrency/regulation/japan-plans-20-crypto-tax-reclassifies-digital-assets-as-financial-products/ ; CCN: https://www.ccn.com/news/crypto/japan-classifies-crypto-financial-instrument-historic-shift/ ; FSA Discussion Paper (10 April 2025): https://www.fsa.go.jp/en/news/2025/20250410_2/01.pdf

Difficulty rating 🔒

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Informational only, not legal advice. Entries marked as placeholder or awaiting verification must not be relied on. Confirm all requirements with Japan's regulator and qualified local counsel before acting.