Regulation · Regime · Japan · Primary legislation · Financial Services Agency (Japan)
Japan Payment Services Act stablecoin framework (electronic payment instruments)Updated 18 Oct 2026
Japan's stablecoin rules, created by the 2022 amendment to the Payment Services Act and in force since June 2023. Fiat-pegged, redeemable stablecoins are electronic payment instruments that only banks, fund transfer service providers and trust companies may issue, and intermediaries must register as electronic payment instruments service providers. A 2025 amendment (Act No. 66 of 2025) lets trust-type issuers hold part of reserves in eligible bonds; the FSA consulted on the implementing rules until February 2026.
In force · effective Jun 2023
Key points
- Stablecoins issued at a price linked to a fiat currency and redeemable at par are regulated as electronic payment instruments under the Payment Services Act rather than as crypto-assets.[1]
- Exchange and intermediary businesses for stablecoins must register as Electronic Payment Instruments Service Providers.[2]
- Draft implementing rules for the 2025 amendment would allow certain highly rated bonds as reserve collateral for trust-type stablecoins.[3]
- From 1 June 2026, trust-type stablecoins (specified trust beneficiary rights) may hold part of their backing in certain government bonds and term deposits that can be broken early, subject to eligible-asset lists, maximum shares and principal-protection requirements.[4]
- From 1 June 2026, trust beneficiary rights created under foreign law can count as electronic payment instruments where the foreign regime is equivalent to Japan's, and equivalence is the test for intermediaries handling foreign stablecoins.[5]
- The 2025 amendment creates a new registered business of intermediating electronic payment instruments and crypto-assets.[4]
What it covers
Timeline
- Jun 2023 · In force2022 amendment to the Payment Services Act takes effect.[1]
- 7 Mar 2025 · ProposedBill to amend the Payment Services Act submitted to the Diet.[2]
- Jun 2025 · AmendedAct No. 66 of 2025 enacted.[3]
- 27 Feb 2026 · ConsultationConsultation on draft notices defining eligible reserve bonds closes.[3]
- 22 May 2026 · FinalCabinet orders, ministerial ordinances and notices implementing Act No. 66 of 2025 promulgated after public comment (259 comments).[4]
- 1 Jun 2026 · In forceAct No. 66 of 2025 and its implementing rules take effect, including the reserve-asset changes and the foreign trust-type stablecoin amendment.[4]
Deployments operating under it
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| JPYC yen stablecoinUpdated 7 Nov 2026 JPYC Inc. | Live (limited) | Reviewed 21d ago | ||
| JPYSC trust-type yen stablecoin (SBI Shinsei Trust & Banking)Updated 7 Nov 2026 SBI Shinsei Trust & Banking | Live (limited) | Reviewed 21d ago | ||
| Project Trinity stablecoin DvP for security token secondary tradesNew Progmat | Pilot | Reviewed 13d ago | ||
| MUFG, SMBC and Mizuho jointly issued yen stablecoinUpdated 28 Oct 2026 Progmat | Proof of concept | Reviewed 13d ago |
Likely relevant to
| Deployment | Status | Assets | Use cases | Last reviewed |
|---|---|---|---|---|
| Nomura, Daiwa and megabank groups' blockchain transfer of book-entry securities proof of conceptNew Nomura | Announced | Reviewed 13d ago |
Sources
- [1]Discussion Paper: Examination of the Regulatory Systems Related to Cryptoassets (provisional translation) — Financial Services Agency, 10 Apr 2025. Accessed 12 Oct 2026.A
- [2]FSA Weekly Review No.628 — Financial Services Agency, 21 Mar 2025. Accessed 12 Oct 2026.A
- [3]Japan's regulator seeks public input on bonds eligible for stablecoin reserves — The Block, 27 Jan 2026. Accessed 12 Oct 2026.C
- [4]Promulgation of the cabinet orders for the 2025 Payment Services Act amendment and results of public comment — Financial Services Agency, 22 May 2026. Accessed 18 Oct 2026. In Japanese; our summary is translated.A
- [5]Promulgation of the Cabinet Office Ordinance amending the Ordinance on Electronic Payment Instruments Service Providers, etc., and results of public comment — Financial Services Agency, 19 May 2026. Accessed 18 Oct 2026. In Japanese; our summary is translated.A