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Japan

Asia · Comprehensive

Japan pioneered crypto exchange licensing after Mt Gox and has iterated steadily since. The 2023 stablecoin regime is now producing licensed JPY issuers, and the FSA's proposal to move spot crypto under FIEA would align tax and disclosure with securities — potentially unlocking ETF-style structures.

DAI Methodology v2.1 Last updated June 2026
DAI Readiness Score™
82.4
out of 100
Regulatory & Enforcement Agencies

Regulatory agencies for Japan — being verified. Submit a suggestion →

Regulatory status

Comprehensive

Source unavailable
Primary regulator

Financial Services Agency (FSA) · JVCEA (SRO)

Source
Licensing requirements

Payment Services Act (crypto-asset exchange service providers) + FIEA (security tokens); stablecoin issuers regulated as banks, trust banks, or fund transfer service providers.

Source
AML requirements

APTCP; JVCEA guidelines; Travel Rule since June 2023 with JPY 100,000 threshold.

Source unavailable
Travel Rule status

Implemented — JVCEA-coordinated messaging standard; whitelist of compliant overseas VASPs published quarterly.

Source unavailable
Tax treatment

NTA: miscellaneous income at progressive rates up to 55%; corporate holdings mark-to-market rule relaxed in 2024.

Source unavailable
Consumer protection

Segregated cold-storage requirements post-Coincheck; investor compensation via JVCEA fund.

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Key legislation
2023
Payment Services Act amendments (stablecoin regime)

Fiat-referenced stablecoin issuance restricted to licensed issuers.

Source unavailable
2024
Corporate Tax Reform

Removes year-end mark-to-market for tokens held long-term by issuers.

Source unavailable
Recent developments
2026-06-01
MUFG launches JPY stablecoin under Progmat

First bank-issued JPY stablecoin cleared for cross-border settlement pilots.

Source unavailable
2026-03-25
FSA reclassifies BTC/ETH under FIEA proposal

Consultation on shifting spot crypto to financial-instrument treatment.

Source
Primary Sources & Official Documents
  1. 01
    FATF Recommendations (including Recommendation 15 — new technologies)
    Financial Action Task Force · Updated periodically
    https://www.fatf-gafi.org/en/topics/fatfrecommendations.html
  2. 02
    FATF Targeted Update on Implementation of the Standards on VAs and VASPs
    Financial Action Task Force · Annual
    https://www.fatf-gafi.org/en/publications/Fatfrecommendations.html
  3. 03
    High-Risk and Other Monitored Jurisdictions (grey and black lists)
    Financial Action Task Force · Updated three times a year
    https://www.fatf-gafi.org/en/publications/High-risk-and-other-monitored-jurisdictions.html

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Sources:FSA crypto register · JVCEA guidelines
Professional disclaimerDigital Asset Intelligence content is provided for informational purposes only and does not constitute legal, tax, investment, or compliance advice. Regulatory positions change frequently; verify all material with primary sources and qualified counsel before relying on it for licensing, supervisory, or compliance decisions.