Japan finalises rules for cryptoasset service intermediaries
Smaller companies can now enter Japan’s crypto market more easily by operating as regulated intermediaries rather than full exchanges.
Japan’s Financial Services Agency has finalised regulatory amendments linked to the 2025 revision of the Payment Services Act, creating a new intermediary category for electronic payment instruments and cryptoasset services.
The amendments, which enter into force on 1 June 2026, establish rules for the newly created electronic payment instrument and cryptoasset service intermediary business. The framework sets out registration application requirements, information that must be clearly explained or provided to users, prohibited conduct, user protection measures, and record-keeping obligations.
The new category allows intermediaries to provide certain electronic payment instruments and cryptoasset-related services without operating as full electronic payment instrument service providers or cryptoasset exchange service providers. The structure is intended to support intermediary activity while maintaining user protection and oversight requirements.
The wider amendment package also develops rules for electronic payment instruments and cryptoassets, including the scope of assets that may be subject to domestic holding orders for electronic payment instrument service providers and cryptoasset exchange service providers.
The FSA also finalised related provisions on funds transfer services, banks, insurance companies and their subsidiaries, and other required amendments. Public consultation on the relevant cabinet orders, cabinet office orders, notices and guidelines drew 259 comments from 62 individuals and organisations.
The amendments form part of Japan’s ongoing effort to refine its digital finance framework as cryptoassets, stablecoin-related services, payment intermediaries, and traditional financial institutions become increasingly interconnected.
Why does it matter?
Japan’s new intermediary category shows how regulators are creating more tailored frameworks for different roles in digital asset services. Rather than treating every participant as a full exchange or electronic payment instrument service provider, the framework gives intermediaries a defined route into the market while preserving registration, conduct, disclosure, and user protection requirements.
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