Three-Layer Structure of Japan's Stablecoin Regulatory Regime (JPYC, USDC, Project Pax)
Confidence Likely
Updated 2026-05-21
Review by 2026-10-30
Sources 6
Machine-translated Original (JA) #fintech#stablecoin#JapanFG#EPI
[!info] TL;DR Due to the revised Payment Services Act (→ Japan Financial Regulation — Legal Framework for Tokens, Crypto Assets, and Payments), analysis of stablecoins / electronic payment instruments (EPIs) in Japan must separate issuer, distributor / EPI service provider, platform provider, and wallet / payment route.
Current map (source-refresh 2026-05-21)
| Lane | Current anchor | What to remember |
|---|---|---|
| Funds-transfer-type JPY stablecoin issuer | JPYC Inc. / JPYC detailed page | JPYC is in the FSA funds-transfer registry as Kanto Local Finance Bureau Director-General 第00099号. It should not be mistaken for a conventional crypto exchange. |
| Foreign stablecoin distribution / EPI service provider | SBI VC Trade | FSA’s EPI service-provider list contains one operator: SBI VC Trade, registration Kanto Local Finance Bureau Director-General 第00001号, handling USDC. |
| Trust-type stablecoin / tokenization platform | Progmat / Progmat detailed page | Progmat is a platform provider. Issuer / trustee roles sit with regulated trust banks and participating financial institutions. |
Implication
Stablecoin coverage in this wiki should route as follows:
- issuer / regulated company pages:
JapanFG/ - exchange / EPI distributor pages:
exchanges/ - legal architecture and tokenization model pages:
fintech/ - payment / wallet route pages:
payments/
This avoids the common error of treating a stablecoin issuer, an EPI service provider, and a tokenization platform as the same type of financial institution.
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