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Japan
Payment Services Act — Electronic Payment Instruments (EPI) regime
EnforcedRegulator(s): Financial Services Agency (FSA)Next review: 2026-09-08
Fiat-pegged stablecoins are 'electronic payment instruments'; issuance restricted to banks, trust companies, and licensed fund transfer service providers.
EPI framework in force since June 2023. 2025 PSA Amendment (enacted 6 Jun 2025) fully implemented 13 Jun 2026: broker/intermediary category, relaxed trust-type reserve rules (up to 50% short-term JGBs), improved cross-border EPI handling.
📋 Key Requirements
| Reserves | 1:1 backing; trust-type issuers may hold up to 50% of backing in JGBs (≤3-month maturity) or early-cancellable term deposits since 2026 amendment |
|---|---|
| Redemption | Guaranteed redemption at face value |
| Capital | Issuer must be a licensed bank, trust company, or fund transfer service provider |
| Attestation | Ongoing disclosure obligations; travel-rule compliance for transfers |
| Licensing | EPI exchange/intermediary services require registration; 2026 amendment adds lighter intermediary category |
📅 Timeline & Upcoming Deadlines
🏛️ Licensed / Approved Issuers
JPYC Co. (JPYC)
2025-08 ↗🪙 Aligned Stablecoins on Atlas
No stablecoins from the Atlas directory are currently aligned with this framework.