Key Takeaways
Japan FSA cited 12 million accounts and $31 billion assets in 2025, boosting Tokyo’s regulated crypto push. JVCEA logged 32 exchanges and approximately $10 billion in volume as of February 2026, but liquidity gaps vs global hubs persist. FSA plans 2026 shift to FIEA rules, positioning Tokyo for institutional growth over speculation. Tokyo’s Crypto Ambition Faces Its Institutional TestThe hard question is not whether Tokyo wants the role. It is whether it can win institutional relevance, and on what basis. Japan’s likely edge is not speculative hype. It is the slow construction of regulated market structure.
In February 2026, the FSA working group went further, recommending that crypto-assets move from the Payment Services Act framework into the Financial Instruments and Exchange Act, with rules comparable to those for traditional financial instruments businesses, including insider trading rules, stronger disclosure, and tighter supervision.
