Japan’s Financial Services Agency held the first fiscal 2026 meeting of its Research Group on the Approach to Digital and Decentralized Finance on Oct. 20, identifying regulatory responses for decentralized finance (DeFi) and decentralized exchanges (DEXs) as candidates for priority consideration. The agency’s broader review covers stablecoins, tokenized deposits, tokenized securities and digital-finance rules. Nomura Holdings has called for less restrictive treatment of DeFi and non-custodial wallets and a review of limits on handling overseas-issued stablecoins above ¥1 million. Securitize Japan has advocated a framework based on public blockchains. The agency plans to compile a roadmap with relevant ministries and agencies in early 2027.