Japan’s Financial Services Agency published a commissioned 609-page report examining financial systems, supervisory structures and business-specific regulations across eight countries and regions, including the United States, United Kingdom, European Union and China. Prepared by Atsumi & Sakai in March 2026, the study is intended to support planning and policymaking for Japan’s domestic financial system. The report says China’s February notification in principle prohibits domestic issuance and trading of real-world assets (RWA), and that the U.S. Genius Act is scheduled to take effect on Jan. 18, 2027.