meta_id 3201637

On June 1, 2026, the Financial Services Agency (FSA) launched a new registration system for electronic payment and crypto-asset service intermediaries under the Payment Services Act (Act No. 59 of 2009). The new framework allows intermediaries to conduct specific activities on behalf of electronic payment instrument traders or crypto-asset exchange operators. Intermediaries may now register to mediate the sale or exchange of electronic payment instruments, or to mediate the sale or exchange of crypto-assets, provided they perform only one of these activities domestically for their affiliated operators. The system applies to entities engaged in intermediating, managing, or otherwise conducting business related to stablecoins—digital assets pegged to fiat currency values—which require separate registration under the regulatory framework. The FSA established the registration system through amendments to the Payment Services Act implemented in 2025 and supporting Cabinet Office Orders, including the Cabinet Office Order Concerning Electronic Payment Instrument Traders (Cabinet Office Order No. 48 of 2023) and the Cabinet Office Order Concerning Crypto-Asset Exchange Operators (Cabinet Office Order No. 7 of 2017). The FSA published administrative guidelines and registration application forms to support implementation. The agency held a pre-registration explanatory session on May 15, 2026, providing guidance on system overview and application procedures. Intermediaries seeking registration must submit applications containing information specified in applicable legislation. The FSA maintains registration lists for both crypto-asset exchange operators and electronic payment instrument traders. Affiliated operators should contact their relevant regional financial bureau for inquiries regarding registration requirements and compliance obligations.