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Japan Payment Services Act & Stablecoin Framework

Japan

Effective: 2017-04-01 (PSA crypto); 2023-06-01 (stablecoin law)

CAESP registration, stablecoin issuance, and self-regulatory framework

licensing stablecoin

Summary

Japan's comprehensive framework built on the Payment Services Act (CAESP registration) and Financial Instruments and Exchange Act (security tokens, derivatives). The mandatory JVCEA self-regulatory organization pre-screens token listings via green/white list system. The 2023 stablecoin law restricts issuance to licensed banks, trust companies, and fund transfer service providers with 100% fiat reserve requirements. Margin trading capped at 2x leverage. One of the most mature crypto frameworks globally, shaped by Mt. Gox (2014) and Coincheck (2018) incidents.

Key Requirements

  • CAESP registration with FSA (JPY 10M minimum capital)
  • JVCEA membership mandatory
  • Customer asset segregation (100% cold storage recommended)
  • Stablecoin issuer licensing (banks/trust/fund transfer only)
  • 100% fiat reserve for stablecoins
  • Type I FIB license for security tokens/derivatives
  • 2x leverage cap on margin trading
  • Japan's comprehensive framework built on the Payment Services Act (CAESP registration) and Financial Instruments and Exchange Act (security tokens, de

Jurisdictions Implementing This Framework

AT Austria BM Bermuda DK Denmark EU European Union FI Finland JP Japan LI Liechtenstein PL Poland SG Singapore SI Slovenia US United States

11 jurisdictions reference this framework

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Last updated: 2026-04-12. View all frameworks