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Japan’s FSA Proposes Crypto Shift—Are Utility Tokens in Trouble?

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  • Japan’s Financial Services Agency has introduced a proposed framework to classify digital assets into two types.
  • Bitcoin and Ethereum fall under Type 2, which includes decentralized cryptocurrencies without centralized issuers or fundraising.
  • Utility tokens are categorized as Type 1 and are linked to business projects that raise funds from the public.

The Financial Services Agency of Japan introduced a framework that divides digital assets into separate classification categories. The new strategy moves the financial regulator towards regulating cryptocurrencies by assessing their functions and funding methods. The classification forms part of a wider initiative to enhance crypto industry transparency while protecting investors.

Bitcoin and Ethereum Fall Under Type 2 Category

The FSA proposes to categorize Bitcoin and Ethereum together within the Type 2 classification framework that applies to decentralized digital assets. The assets lack centralized fundraising elements, which creates challenges for standard regulatory approaches. Since there is no fundraising entity, the agency refrains from enforcing strict disclosure requirements.

The regulatory acknowledgment establishes their position through decentralization measures, thus separating them from business-backed tokens. The business exists to demonstrate practical market knowledge about these cryptocurrencies as they operate globally. 

The changed classification system will determine exchange and financial institution operations involving major cryptocurrencies. The FSA acknowledges that enforcing information disclosure becomes challenging when dealing with decentralized Bitcoin networks. The agency plans to enforce compliance rules through suitable regulatory provisions, although the mechanisms for doing so are being developed.

Utility Tokens Assigned to Type 1 Category

The FSA places Utility tokens as Type 1 based on their use for project funding. The tokens function as standardized financial units that originate from one source entity. The process operates for business finance. The FSA maintains strict disclosure standards for assets in this particular structure and thus implements these guidelines for compliance.

These altcoins belong to this class through their growth mechanism, which involves community support and fundraising activities. The FSA aims to boost the connection between those who issue tokens and their supporters through its new initiative. According to the initiative, better project goals and funding usage details will provide investors with advantages.

The Japanese government intends to unify crypto market information accessibility by imposing stricter regulations on Type 1 digital assets. The financial agency requires issuers to make regular assessments and provide transparent project documents to protect their users from erroneous information.

Japan Aligns Crypto Classifications With Broader Financial Regulations

Japan implements the discussion paper as an essential part of its territorial approach to establishing a complete regulatory structure for digital assets. The public’s input helps the FSA develop its proposed classification system. The method highlights an open and inclusive regulatory initiative that integrates feedback from the market.

Japan continues to examine its position regarding financial products that contain cryptocurrency, such as exchange-traded funds. In recent years, Japan has transformed its previous position of restriction toward adopting more cautious approaches to digital asset regulations. The transition demonstrates Japan’s dedication to supporting innovation initiatives and monetary security measures.

SBI Group and Circle Set to Launch USDC in Japan on March 26

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  • Circle will launch USDC in Japan through SBI Group on March 26.
  • USDC is the first global dollar stablecoin approved for use in Japan.
  • SBI VC Trade received regulatory approval to list stablecoins.

Circle will officially introduce its USDC stablecoin in Japan through SBI Group on March 26. SBI VC Trade obtained regulatory clearance for stablecoin management that enabled this business move. As a result, USDC becomes the first global dollar stablecoin to secure legal access to the Japanese market.

The launch marks a major development for Circle, which has spent over two years preparing for Japan’s regulatory landscape. Through its partnership with SBI Holdings, Circle aims to expand USDC usage in digital asset trading and financial services. Moreover, the initiative aligns with Japan’s broader efforts to modernize financial systems and boost innovation.

The introductory phase of this launch will occur through the trading platform SBI VC Trade which belongs to SBI Group. It will soon expand to other major platforms like Binance Japan, bitbank, and bitFlyer. Circle confirmed that selected users began testing the coin on March 12 as part of a controlled trial phase.

USDC to Lead as First Approved Global Dollar Stablecoin in Japan

The Japanese market allows only USDC to operate as their global dollar-backed stablecoin authorization. The Financial Services Agency (FSA) approved stablecoins following changes that let licensed firms list their tokens for use. SBI VC Trade obtained the position of first exchange to meet the requirements of the newly established framework.

Circle’s CEO stated that the launch would unlock significant opportunities in finance, payments, and cross-border commerce. As part of its initiative USDC presents benefits for streamlined foreign exchange operations as it bolstered both payment transfers and payment processing. The alliance seeks to establish quick and effective digital dollar monetary liquidity services throughout the region.

CoinGecko reports USDC maintains its position as the second largest stablecoin worldwide and its market capital value currently sits at $59.7 billion. The stablecoin advances its market position against Tether by dedicating itself to both transparency and regulatory compliance. Following its entry into Japan USDC will extend its services into Asia’s regulated market systems.

Circle and SBI Holdings Target Web3 and Financial Innovation

Circle and SBI Holdings confirmed that their joint effort would support the growth of Web3 infrastructure across Japan. Through this collaboration, both parties will enhance digital asset access regulation while advancing blockchain adoption in Japan. The companies view this move as essential for transforming Japan’s finance sector into a modern one.

The head of SBI indicated the introduction of USDC would better access financial services and boost crypto service development speed. The integration enables Japan to achieve digital transformation leadership by following regulatory standards for stablecoins in traditional financial applications.

Stablecoins gained additional regulatory freedoms from Japanese authorities because they support the advancement of financial technology. The Federal Services Agency adopted new policies during February that foster stablecoin advancement. This movement indicates that Japan seeks to develop secure, modern financial instruments.

Japan opened its borders for foreign stablecoins in 2023, enabling SBI and other firms to develop their crypto services. Thanks to this transformation in regulatory policies, the market gained access to regulated digital currencies. Since its implementation, the FSA has introduced additional measures to support more financial innovations.

According to Commissioner Hideki, stablecoins represent an opportunity for remittance systems, as they are safe alternatives to existing settlement processes. The updates provide established guidelines for companies who want to maintain legal compliance. Japanese digital finance will likely witness an increase in worldwide enterprises entering its market.

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SBI Drives Japan’s Stablecoin Adoption with USDC

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  • SBI VC Trade became the first company in Japan to receive approval as an Electronic Payment Instruments Business Operator, allowing it to handle USDC transactions.
  • In November 2023, SBI Holdings partnered with Circle Internet Financial, the issuer of USDC, to expand stablecoin adoption and improve digital payment efficiency in Japan.

SBI Holdings has become the first company in Japan to receive approval as an Electronic Payment Instruments Business Operator.  After completing registration, SBI VC Trade plans to begin its first USDC stablecoin transactions on March 12, offering access to a limited group of users.

This new registration, granted on March 4, 2025, marks a significant step forward in integrating stablecoins into Japan’s financial system. The approval allows the company to handle USD Coin (USDC), a well recognized cryptocurrency pegged to the US dollar.

A Key Step in Reducing Japan’s Stablecoin Regulation

On June 1, 2023, a regulation was put in place for businesses distributing electronic payment instruments tied to fiat currency in Japan that they must register under the Banking Act and Fund Settlement. 

This regulation made sure that stablecoin transactions were properly regulated and backed by reliable financial institutions. 

However, On March 4, SBI VC Trade confirmed the completion of Japan’s first registration for stablecoin transactions, which would now allow the companies to begin handling USDC.

With full approval, SBI VC Trade aims to be among the first financial platforms in the country to support cryptocurrency trading with USDC. With this new certification, the company is set to release a beta version of USDC on March 12, 2025, for a limited group of users before launching full-scale operations.

The CEO of SBI VC Trade Tomohiko Kondo shared on X that the platform had received official confirmation from the Kanto Regional Financial Bureau’s Tokyo office for its registration as an electronic payment instrument trading business operator. 

He stated that SBI VC Trade is the first and only company in Japan to secure a stablecoin license and he emphasized the firm’s commitment to achieving full USDC support.

SBI Holdings has been at the forefront of blockchain adoption in Japan. In November 2023, the company entered a strategic partnership with Circle Internet Financial, the issuer of USDC. 

Circle, headquartered in New York, is known for issuing one of the most transparent and well-regulated stablecoins globally. The collaboration between the both companies aims to enhance the circulation of USDC within Japan’s financial ecosystem, which would bring about more efficient and cost-effective digital payment solutions to businesses and even individuals.

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Japan Takes Bold Action to Force Apple, Google to Axe 5 Unregistered Crypto Apps

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  • Japan’s FSA urges Apple and Google to suspend five crypto exchange apps.
  • Regulatory move focuses on noncompliant exchanges, not digital assets investments.
  • Japan’s strict policies aim to ensure market security and transparency.

In a move to ensure compliance within the digital assets market, Japan’s Financial Services Agency has called for the removal of five noncompliant exchange apps from Apple and Google stores. This decision reinforces Japan’s commitment to a secure and regulated financial ecosystem.

Japan’s FSA Cracks Down on Unregistered Crypto Platforms

Japan’s Financial Services Agency (FSA) has urged Apple and Google to suspend five unregistered cryptocurrency exchange apps. The exchanges include Bybit Fintech, MEXC Global, LBank Exchange, KuCoin, and Bitget. Apple complied with the request on February 6 and removed the apps from its App Store.

The move aligns with Japan’s ongoing efforts to ensure regulatory compliance in the cryptocurrency sector. The FSA has consistently prioritized consumer protection and market integrity. This action follows the country’s strict stand on exchanges that do not meet regulatory standards.

FSA Targets Noncompliant Exchanges, Not Crypto Trading

Japan’s Financial Services Agency (FSA) clarified that its recent action to remove unregistered crypto apps is not a ban on digital assets investments. The FSA aims to ensure exchanges comply with local regulations to legally operate in the country. Japan aims to protect investors and maintain market integrity, preventing unregulated exchanges from accessing the market.

Japan’s regulatory approach, although cautious compared to other Asian markets, does not reject digital assets.  The country’s focus on regulatory compliance seeks to create a secure environment for digital assets investors. Japan’s framework encourages crypto exchanges to operate within a regulated system to enhance consumer protection and trust in the market.

Japan’s Regulatory Framework

Japan’s approach to cryptocurrency regulation has been shaped by past experiences such as the Mt. Gox disaster. The hack and subsequent collapse of Mt. Gox exchange in 2014 resulted in massive losses for investors. This event led to the development of stricter regulatory policies to prevent similar occurrences.

The recent tax reforms in Japan further underscore the nation’s approach to balance the treatment of cryptocurrencies with traditional financial assets. These reforms, set to take effect in 2025, align with the country’s vision of managing digital assets within a regulated framework. Japan’s tax policies will shape the future of the cryptocurrency market in the country.

Japan’s regulatory environment is one of the strictest in the digital assets world. Experts argue that this is not a crackdown, but a measure to ensure only compliant exchanges can operate. The removal of five unregistered crypto exchange apps underscores Japan’s commitment to maintain a secure and transparent market. Compliance with local regulations is now crucial for exchanges entering Japan.

Aptos And Alibaba Cloud Propel Japan’s Web3 Revolution

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Aptos Foundation and Alibaba Cloud are all geared up to transform the Web3 in Japan. Through this partnership with Alcove Pro – Asia’s first co-branded Move developer community, these initiatives will be unveiled to advance Web3 through hackathons, education, and events led by industry experts, making Japan as a key player in the digital frontier.

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Alcove Pro is launching with a blast at IVS Crypto 2024. Aptos Kyoto Meetup, titled “Aptos Mover: ”Innovation Ripples from Kyoto,” promises to be the leading Move ecosystem event, where only the crème-de-crème of partners and projects will be found.

IVS2024 participants will be able to meet the main authors of the Aptos project, founders, and heads of investment funds. This is very productive in the sense that it opens up the discussion for the next steps that are to be taken in the Aptos ecosystem which is to result in changes.

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This partnership with Aptos Foundation is a major boost to Japan’s Web3 ecosystem given that Alibaba Cloud is the digital technology arm of Alibaba Group. Combined, they have created Alcove, one of the first resources for the Move developer community in Asia.

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Aptos Sparks Japan’s Web3 Revolution

This programme is meant to increase accessibility and innovation, marking the beginning of a new chapter for Asia’s Web3. Thus, both Aptos and Alibaba Cloud are aiming to create a healthy and creative developer ecosystem through utilizing each other’s core competencies.

Alcove’s vision is to accelerate the accessibility as well as the usage of the Move language for smart contract programming. Famous for its security, speed, and scalability, Move on Aptos is expected to boost the adoption in the Asia-Pacific area.

With the help of Alcove, Aptos Foundation, and Alibaba Cloud, developers are being provided with a healthy ecosystem to work in, thus helping them to transform the world. This initiative is geared towards the development of a strong environment in which developers will be able to grow and prosper.

Thus, Japan has the right combination of progressive regulation and an enthusiastic population who are ready to embrace Web3. The Foundation sets the pace with a number of Alcove projects, the first of which is a Move developer meet-up organized by OKCoin Japan and Alibaba Cloud.

This event is to enable builders, and equip them with knowledge on how to harness Web3 and digital assets to their advantage. Thus, entities Clouds provide end-to-end assistance to foster on-chain advancement in Japan.

The Foundation will organize a series of hackathons for the Alcove community using Alibaba Cloud’s technological power. These events are targeted at supporting the future Web3 talents and give the attendees a chance to listen to the experts.

These hackathons will motivate the next generations of developers, encouraging them to be innovative. Thus, Aptos and Alibaba Cloud contribute to the development of Web3 by implementing these opportunities.

Crypto Venture Capital Expansion: Japan Opens Doors For Investment

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Japan has said yes to the idea of allowing Japanese venture capital (VC) firms to invest in projects giving out cryptocurrencies only. Before that, there were certain restrictions on buying crypto assets for VCs operating in Japan. This would mark a major adjustment in investment regulations, with its draft amendment being presented as early as 2024.

As per Coinpost’s recent report, the Ministry of Economy, Trade and Industry announced on the 16th that the Cabinet had decided to include crypto assets (virtual currency) among things that can be acquired and maintained by investment business limited partnerships (LPS). Such development enables Japanese VC companies to finance virtual currency-based businesses, thus providing an avenue for funding and doing business for Web3 firms in Japan.

In general, LPS is one type of investment partnership focused on unlisted venture companies that often acts as a vehicle for VC investments. For instance, Web3 projects that were looking for funding from LPS earlier could get only traditional assets like stocks and did not include virtual currencies. Thirdverse CEO Kunimitsu observed that due to the inability to offer crypto assets, many Web3 start-ups had to look for overseas VC investments.

The proposed legal reform is believed to be of benefit to LPS because it will attract more investors and foster growth in Web3 companies. It was disclosed by Nikkei Shimbun in September when it reported on this regulatory change with the government’s intent of submitting a bill to revise the LPS Act to the diet in 2024.

Japan Target Fraudulent Crypto Activities

Meanwhile, Japan’s financial regulatory landscape is also changing. The Financial Services Agency (FSA) has recently proposed measures to be taken against deceitful practices associated with the Peer-to-Peer transactions involving cryptos. With concerns over a large number of fraud transactions linked to virtual currencies, the FSA has formally requested Japanese banks to strengthen user protection measures.

The announcement emphasized stopping unlawful money transfers going to crypto asset exchange service providers. In collaboration with the National Police Agency (NPA), the FSA called for financial institutions to improve user protection measures, including halting transfers if sender information does not match account details for crypto-asset exchanges and increasing monitoring of illegitimate fund flows to such platforms. However, in this development, Japan plans to balance fostering innovation in the cryptocurrency industry and preventing unlawful activities.

Japan’s Crypto Concern: FSA Flags 10-fold Rise in Fraudulent Transfers

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A challenge to strengthen the examination of cryptocurrency transfers by financial institutions has been issued by the Japanese Financial Services Agency (FSA). This action is a reaction to worries that cryptocurrency exchanges could be used as a conduit for illegal activity including fraud and money laundering.

Analysis by Japan’s National Police Agency indicates that digital assets transactions are frequently used as a conduit for a sizable share of the damages arising from specialized fraud involving illegal money transfers. The Financial Services Authority (FSA) has advised financial institutions to increase their oversight activities in the wake of this disclosure, with a special emphasis on transactions involving exchange service providers of digital assets.

Financial institutions should stop sending money to digital assets exchanges if the sender’s name is different from the account name, according to one of the FSA’s main recommendations. Despite the directive’s apparent goal of stopping identity theft and illegal financial activity, questions have been raised on how it would affect legal peer-to-peer payments.

Opponents contend that these steps can unintentionally block legitimate activities, such as money transfers to another person’s cryptocurrency exchange account. Supporters of the FSA’s suggestions, however, argue that they are essential measures to protect against illegal activity in the digital assets field.

Crypto Policies Surge in Japan

Despite these regulatory initiatives, Japan has also shown some degree of policymaking that is supportive to digital assets. For example, the government recently approved a change to the tax regime for 2024 that exempts firms from paying taxes on unrealized gains, in an effort to encourage long-term investment in cryptocurrencies. This action is part of a larger global trend where governments are trying to figure out how to balance innovation and regulation in the rapidly developing cryptocurrency market.

In essence, Japan’s approach to regulating crypto reflects a delicate balancing act. While the FSA’s push for heightened monitoring underscores the need for vigilance against illicit activities, recent tax reforms signal a recognition of the potential benefits of embracing digital assets as legitimate assets. Governments around the world are still having difficulty determining the best regulatory framework to promote innovation while reducing risks as the cryptocurrency landscape continues to change.

Shiba Inu Dev Calls For Urgent Action After Japan’s Quake

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In the aftermath of the devastating New Year’s Day earthquake in Japan, the lead developer of Shiba Inu expressed a deep sense of urgency and a commitment to take action. Recognizing the need for immediate response, the developer emphasized the importance of collaborating with the Japanese community to generate ideas and strategies promptly.

Kusama, earlier in the year, extended New Year wishes to the Japanese community, accompanied by heartfelt condolences for the catastrophic 7.6-magnitude earthquake that struck the nation on January 1, 2024, at 16:10 JST. The earthquake wreaked havoc along Japan’s western coast, leading to the collapse of buildings, outbreaks of fire, and the issuance of tsunami alerts reaching as far as eastern Russia. Rescuers engaged in a race against time to save individuals trapped in the debris, with the quake triggering multiple aftershocks and claiming the lives of dozens.

NHK, the Japanese public broadcaster, reported a grim toll of at least 57 casualties caused by the earthquake. In response to this tragedy, Kusama expressed sympathy and support, hoping for a swift recovery and conveying his best wishes for a new year filled with hope and peace.

The Shiba Inu cryptocurrency holds a significant presence in the Japanese market, given the popularity of its mascot within the Japanese online community. The meme coin’s inclusion on Coincheck, a leading Tokyo-based crypto exchange, since December 14, 2023, is anticipated to enhance accessibility and liquidity for the digital asset.

Shiba Inu Claims 2nd Spot In WazirX

Coincheck’s move follows similar actions by other Japanese exchanges, with BitTrade announcing the addition of Shiba Inu to its platform in October 2023. SBI VC Trade commenced trading SHIB, along with DAI and Cosmos [ATOM], in June of the same year, while OKCoin Japan expanded the availability of the meme coin for Japanese traders earlier in 2023. These developments underscore the growing significance of Shiba Inu in the Japanese cryptocurrency landscape.

Shiba Inu
Shiba Inu Dev Calls For Urgent Action After Japan's Quake 6

SHIB has also emerged as a standout performer in the cryptocurrency realm, surpassing major players like Ethereum [ETH], Cardano [ADA], and Ripple [XRP] to secure the second-most traded position in 2023. The meme token’s popularity soared, earning it a coveted spot on the India-based crypto exchange WazirX, where it remains among the top-performing crypto assets by trading volume, second only to Bitcoin.

WazirX’s 2022 annual report underscored the increasing popularity of Shiba Inu among investors seeking fresh opportunities in the crypto market. 

Japan Welcomes Crypto With Open Arms In Landmark Tax Reform

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In a recent development, renowned crypto journalist Colin Wu, through Wu Blockchain X post, revealed that the Japanese Cabinet approved the tax reform outline for fiscal 2024. The alteration in crypto regulations involves a significant shift in the taxation of corporate-held crypto assets. Previously, corporations were mandated to document their holdings at market value by the fiscal year’s conclusion, thereby subjecting any profits to taxation.

The move aims to encourage Japanese companies to adopt digital assets and blockchain technology more. Industry organizations like the Japan Crypto Asset Business Association (JCBA) have lobbied heavily in favor of the reform to reduce the tax burden on companies investing in the space.

The decision brings the corporate tax treatment of crypto in line with the existing policy for individual investors. Industry groups have argued that the previous approach imposed excessive burdens on companies operating in the digital space.

Outlook For Further Crypto Tax Reform

While the exemption from mark-to-market tax represents significant progress, the JCBA proposal had also called for allowing a 3-year carry-over of digital assets losses. This was not included in the current reform bill but is likely to remain a topic of future debate.

The introduction of separate 20% taxation on crypto gains, as applies to stocks, also remains an unfulfilled objective of industry groups like the JCBA. The association argues separately defined rates would provide more clarity and certainty to businesses.

Now that the corporate crypto tax burden has been lowered, there may be increased impetus for additional amendments better calibrated to the unique attributes of digital assets. The rapid growth of digital assets means policymakers must grapple with adapting legacy frameworks.

Further reform could encourage more fintech startups to locate in Japan, as the country aims to foster leadership in Web3 innovation. The government will also be monitoring the revenue impacts, given digital assets taxation has been viewed as a new potential source of funds.

Getting the approach right will require balancing these complex factors, but the latest reform indicates that Japanese regulators understand the need for progressive policies to drive technological transformation.

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SBI Holdings & Circle Join Forces: Pioneering A Web3 Era In Japan With USDC Surge

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According to the latest press release, SBI Holdings has officially inked a Memorandum of Understanding (MOU) with Circle Internet Financial. The strategic alliance aims to circulate USDC stablecoins, establish a banking relationship, and promote the adoption of Circle’s Web3 Services in Japan.

Circle’s Web3 Services Take Center Stage

The Japanese government, recognizing the growing influence of the digital asset economy, revised the Payment Services Act on June 3, 2023. This regulatory update paves the way for stablecoins’ issuance and circulation, aligning with the global trend towards a Web3 economy.

Circle’s USDC stands out by being fully backed 100% by highly liquid cash and cash-equivalent assets, ensuring a 1-to-1 redeemable value for U.S. dollars. With reserves held separately from operating funds, USDC has facilitated over $12.7 trillion in on-chain transactions as of November 17, 2023.

Under the MOU, SBI Group and Circle commit to expanding the use of stablecoins in Japan while adhering to stablecoin-related regulations. SBI VC Trade Co., Ltd., a subsidiary of SBI Group, is actively seeking registration as an electronic payment instruments service to facilitate the circulation of USDC within Japan, pending regulatory approval.

On the other hand, SBI Shinsei Bank, Limited will play a crucial role by providing banking services to Circle. This collaboration is expected to enhance USDC access and liquidity for businesses and users in Japan. Furthermore, as part of its digital asset portfolio strategy, SBI Group plans to leverage Circle’s Web3 Services, including the Programmable Wallet, blockchain infrastructure, and smart contract management tools.

Jeremy Allaire, CEO and co-founder of Circle, said:

Our partnership with SBI Holdings represents a shared vision for the future of digital currency and is a significant milestone in Circle’s expansion plans in Japan and Asia Pacific. We are excited to collaborate with SBI towards setting new standards in the financial sector in Japan.

Yoshitaka Kitao, Representative Director, Chairman, President & CEO of SBI Holdings, highlighted the timely nature of the collaboration. Given Japan’s preparations for the widespread introduction of stablecoins, particularly through the revised Payment Services Act, Kitao expressed pleasure in taking the initial step towards fostering the adoption of stablecoins in the country.

However, the partnership between SBI Holdings and Circle is poised to shape new standards in the Japanese financial sector, marking a crucial milestone in the global journey towards the mainstream adoption of stablecoins.

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