The 5th Meeting of the Financial System Council Working Group on Crypto-Assets

The Financial Services Agency (FSA) hosted the 5th Meeting of the Financial System Council Working Group on Crypto-Assets on November 7, 2025. The meeting focused on consolidating previous discussions and presenting specific proposals for regulatory reforms concerning crypto assets in Japan, particularly addressing the shift of crypto assets towards investment purposes and the need for enhanced investor protection and market integrity.

The discussion covered eight main themes:

1. Current Status and Challenges of Crypto Asset Transactions
2. Required Responses, including
   1. legislative approach (Financial Instruments and Exchange Act - FIEA),
   2. information disclosure,
   3. business regulations,
   4. improving literacy,
   5. cybersecurity,
   6. market establishment rules, and
   7. unfair trading regulations (insider trading).