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FSA Japan (Financial Services Agency)

The Financial Services Agency is Japan's integrated financial supervisor, responsible for banking, securities, insurance, and the PSA stablecoin regime in force since June 2023. FSA owns the Payment Innovation Project (PIP) sandbox that has channelled most of the recent megabank tokenisation pilots, runs the Financial System Council, supervises the qualified institutional investor regime, and is the registration authority for fund-transfer service providers (the route used by jpyc for the first FSA-approved yen stablecoin in October 2025). FSA is structurally slower to publish standalone tokenisation frameworks than HKMA or MAS, but the regimes it does publish tend to be more legally tidy and tighter on supervisory perimeter.

Role in tokenisation

  • Owns the PSA stablecoin regime: bank, FTSP and trust-company issuance routes, all live.
  • Runs the Payment Innovation Project sandbox, which has admitted Nomura and Mizuho among others. The April 2026 Nomura-Mizuho-JSCC tokenised JGB collateral trial on Canton Network is the most visible PIP graduation of the period.
  • Co-hosts cross-border supervisory dialogues with US SEC, UK FCA, BIS, and others. Bilateral cadence is the place to watch for early read on how the FSA positions Japanese tokenisation infrastructure internationally.

Recent activity

  • 21 Apr 2026. Minister Katayama meets BIS General Manager Hernández de Cos in Tokyo. Followed by Hernández de Cos's stablecoins speech at a BoJ seminar.
  • 10 Apr 2026. FSA publishes draft revisions to the Corporate Governance Code for public consultation.
  • 9 Apr 2026. FSA publishes English version of Japanese Roadmap for sustainability disclosures and assurance.
  • 8 Apr 2026. 24th meeting of the Council for Cooperation on Financial Stability (FSA-BoJ).
  • 8 Apr 2026. Eurofi Magazine interview "Supervisory cooperation in a fragmented world: The IAIS work agenda" published.
  • 3 Apr 2026. Research report "Strengthening the Management of Third-Party Cybersecurity Risks by Financial Institutions".
  • 31 Mar 2026. Revision of AML/CFT Guidelines.
  • 31 Mar 2026. Updated trends in high-speed trading.
  • 27 Mar 2026. Third meeting of the Expert Panel on the Revision of the Corporate Governance Code.
  • 19 Mar 2026. Fourth meeting of the Japan-UK Financial Regulatory Forum.
  • 3 Mar 2026. AI Discussion Paper Version 1.1.
  • 27 Feb 2026. FSA-SEC Spring Financial Regulatory Dialogue.
  • 25 Feb 2026. Japan-Bermuda bilateral meeting on insurance.
  • 19 Feb 2026. Second meeting of the Expert Panel on Corporate Governance Code revision.
  • 27 Jan 2026. Joint session of the 56th general meeting of the Financial System Council.
  • 20 Jan 2026. Minister Katayama remarks at the WEF Annual Meeting "Japan's Turn" event.

Open questions

  • The FSA has not published a public update on PIP graduation criteria post-Nomura-Mizuho-JSCC. Whether further consortia are queued is unclear from raw entries.
  • Substantive content of the Hernández de Cos BoJ stablecoins speech is not in the ingested record.
  • Whether the AI Discussion Paper Version 1.1 touches agentic commerce primitives. The headline alone is silent on this.

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