Japan plans major shift as crypto moves from payments to securities law

cointelegraphPublicado a 2025-12-10Actualizado a 2025-12-10

Resumen

Japan's Financial Services Agency (FSA) is planning to shift cryptocurrency regulation from the Payment Services Act to the Financial Instruments and Exchange Act (FIEA), treating crypto primarily as investment products rather than payment methods. This move aims to enhance user protection by imposing stricter disclosure rules for initial exchange offerings (IEOs), including mandatory pre-sale information, third-party code audits, and issuer identity disclosure. The new framework also strengthens measures against unregistered platforms and explicitly prohibits insider trading. The regulatory shift coincides with government discussions to implement a flat 20% tax rate on crypto trading profits.

Japan’s financial regulators are preparing to move crypto asset oversight out of the country’s payments regime and into a framework designed for investment and securities markets.

The Financial Services Agency (FSA) on Wednesday released a comprehensive report from the Financial System Council’s Working Group on the regulatory status of cryptocurrencies across multiple sectors.

The document outlines a plan to shift the legal basis for crypto regulation from the Payment Services Act (PSA) to the Financial Instruments and Exchange Act (FIEA), which is the primary law regulating securities markets, issuance, trading and disclosures.

“Crypto assets are increasingly being used as investment targets both domestically and internationally,” the report noted, underscoring the need to protect users by providing regulation that treats crypto as a financial product.

Strengthening data disclosure regulations

One of the core changes brought by bringing crypto under FIEA regulatory scope is strengthening data disclosure requirements for initial exchange offerings (IEOs), or token sales managed by crypto exchanges.

“Crypto transactions conducted by users are similar to securities transactions, and may involve the sale of new crypto assets or the buying and selling already in circulation,” the document reads, highlighting the importance of timely information during IEO sales.

Among the requirements for IEOs, the proposal mandates that exchanges provide pre-sale disclosures, including detailed information about the core entities behind the offering. It also requires code audits by independent third-party experts and encourages consideration of feedback from self-regulatory organizations.

In addition to exchanges, it places responsibilities on issuers, requiring them to disclose their identities, regardless of whether the project is decentralized, and how tokens are issued and distributed.

Related: Crypto payments coming to PlayStation as Sony plans stablecoin launch in 2026

The proposed framework would also give regulators stronger tools to crack down on unregistered platforms, particularly those operating from overseas or tied to decentralized exchanges. It also includes explicit prohibitions on insider trading, echoing provisions of the European Union’s Markets in Crypto-Assets (MiCA) framework and South Korea’s regulations.

The news came amid the Japanese government’s consideration of plans to reduce the maximum tax rate on crypto profits by imposing a flat rate of 20% on all gains from crypto trading.

On Tuesday, FSA also signaled a cautious stance on permitting derivatives for foreign crypto asset exchange-traded funds, reportedly describing the underlying assets as “not desirable.”

Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice

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