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Japan’s Financial Services Agency Eyes Tougher Crypto Rules Under Financial Instruments Act

Japan’s Financial Services Agency Eyes Tougher Crypto Rules Under Financial Instruments Act

According to Japan’s Financial Services Agency, a June 1 intermediary registration regime now operates under the Payment Services Act, while the agency is also considering moving crypto oversight under the Financial Instruments and Exchange Act to strengthen enforcement.

Fact Check
The FSA's own page (fsa.go.jp/common/shinsei/denanchuukai/index.html) directly confirms the June 1, 2026 launch of the intermediary registration regime under the Payment Services Act. CoinPost (?p=713533) and the underlying FSA monitor minutes (ikennkoukannkai20260331.html) corroborate that FSA is considering migrating crypto oversight to the Financial Instruments and Exchange Act to enable stronger enforcement (surcharges, injunctions, IOSCO EMMoU cooperation against overseas unregistered operators). Bitbank's article provides additional independent corroboration of the June 1 regime.
Summary

Japan’s Financial Services Agency launched a registration system on June 1 for crypto-asset and electronic payment instrument intermediaries under the Payment Services Act, allowing registered firms to broker crypto-asset and fiat-backed stablecoin transactions on behalf of licensed operators. Separately, the agency said shifting cryptocurrency regulation under the Financial Instruments and Exchange Act would expand its enforcement powers, including against unregistered overseas operators, and make surcharges and injunction orders available for crypto-related violations.

Terms & Concepts
  • Payment Services Act: Japan’s law governing payment-related services, including rules for crypto assets, electronic payment instruments, and related intermediaries.
  • Financial Instruments and Exchange Act: Japan’s main securities and investment law, used to regulate financial products, market conduct, and investor protection.
  • electronic payment instruments: Digitally transferred payment value used for settlement under Japan’s regulated framework, including certain fiat-backed stablecoin arrangements.