Japan
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.
Comprehensive
Financial Services Agency (FSA) · JVCEA (SRO)
Payment Services Act (crypto-asset exchange service providers) + FIEA (security tokens); stablecoin issuers regulated as banks, trust banks, or fund transfer service providers.
APTCP; JVCEA guidelines; Travel Rule since June 2023 with JPY 100,000 threshold.
Implemented — JVCEA-coordinated messaging standard; whitelist of compliant overseas VASPs published quarterly.
NTA: miscellaneous income at progressive rates up to 55%; corporate holdings mark-to-market rule relaxed in 2024.
Segregated cold-storage requirements post-Coincheck; investor compensation via JVCEA fund.
Fiat-referenced stablecoin issuance restricted to licensed issuers.
Removes year-end mark-to-market for tokens held long-term by issuers.
First bank-issued JPY stablecoin cleared for cross-border settlement pilots.
Consultation on shifting spot crypto to financial-instrument treatment.