Japan was one of the first major jurisdictions to regulate crypto, and now it’s preparing a significant shift. In this episode of Compliance Champions, Delphine Forma speaks with Katsuya Terai, Deputy Director in the Crypto Assets, Blockchain and Innovation Office at Japan’s Financial Services Agency (JFSA), about how Japan’s framework is evolving from a payments-first model toward a more investment-focused regime.

We cover:

• Japan’s move from the Payment Services Act (PSA) toward greater reliance on the Financial Instruments and Exchange Act (FIEA)
  
  
• Stricter expectations around custody safeguards, including cold wallet protections
  
  
• The high regulatory bar for crypto derivatives under a Type 1 license
  
  
• Proposed changes introducing white paper disclosures for issuers
  
  
• Plans to implement crypto market abuse requirements with a focus on insider trading, potentially covering off-exchange activity
  
  
• Japan’s structured stablecoin framework, including foreign issuer access pathways
  
  

A must-listen for anyone tracking how global crypto regulation is converging in 2026.