Japan's Financial Services Agency is soliciting public opinions on detailed regulations governing digital payments and cryptocurrencies.

Japan's financial regulator, the Financial Services Agency (FSA), has opened a public consultation on draft implementing rules concerning cryptocurrencies, electronic payment instruments, and financial institutions. The draft clarifies the specific implementation requirements following the revision of the Payment Services Act in 2025, including updated official announcements, administrative guidelines, and related regulatory rules. The draft covers several aspects, including the designation of bonds as underlying assets, a regulatory framework for electronic payment instruments and crypto-related intermediary services, and updated regulatory guidelines for financial institutions and their subsidiaries. The public consultation will continue until February 27, 2026. After the necessary procedures are completed, the relevant regulations will officially take effect, and the results will be announced separately. Furthermore, the FSA is planning to adjust the overall regulatory framework, aiming to launch Japan's first spot crypto ETFs in 2028. The roadmap also includes reclassifying cryptocurrencies as "specified assets" under the Investment Trust Act, pushing for a reduction in the crypto capital gains tax from a maximum of 55% to a uniform 20%, and reserving space for further strengthening custody and investor protection standards. (Cryptobriefing)