Japan’s Financial Services Agency (FSA) has opened a public comment period on draft implementation rules affecting crypto, electronic payment instruments, and financial institutions.
According to a recent press release, the proposals clarify how the 2025 amendments to the Payment Services Act will be enforced in practice, including updates to official notices, administrative guidelines, and supervisory rules. The underlying law was enacted in June 2025, and the FSA is now finalizing the accompanying regulatory framework.
The draft proposals address multiple areas, including new designations for bonds used as backing assets, regulatory frameworks for electronic payment instruments and crypto-related intermediation services, and updated supervisory guidelines for financial institutions and their subsidiaries.
Following the close of the consultation on 27 February 2026, the law will be finalized and brought into force after completing the required procedures, with consultation results published at a later date.
Japan targets a 2028 launch for its first crypto ETFs
The FSA is planning to overhaul its regulatory framework to enable Japan’s first spot crypto ETFs by 2028, according to Nikkei.
The plan is part of an effort to modernize the country’s digital asset market and stay competitive with global financial hubs like the US and Hong Kong.
The roadmap includes reclassifying crypto as “specified assets” under the Investment Trust Act, proposing tax reforms to cut crypto gains taxes from rates as high as 55% to a flat 20%, and allowing time to strengthen custody and investor protection standards following past exchange hacks.
Major financial institutions, including Nomura Holdings and SBI Holdings, are already preparing ETF products in anticipation of the planned launch.
