Japan Approves Four New Crypto Exchanges: Total Licensed Platforms Reach 15

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The Japanese financial landscape for digital assets has taken another significant step forward, as the country’s Financial Services Agency (FSA) has officially approved four additional cryptocurrency exchanges. This latest development brings the total number of legally authorized crypto trading platforms in Japan to 15, reinforcing the nation's position as a leader in regulated digital asset markets.

👉 Discover how Japan is shaping the future of secure crypto trading environments.

Regulatory Clarity Through the Payment Services Act

The FSA’s latest approvals are grounded in the Payment Services Act, which came into effect on April 1, 2025. This landmark legislation formally recognizes Bitcoin and other approved digital currencies as legitimate payment methods within Japan. Under the Act, all cryptocurrency exchanges must register with the FSA to operate legally.

Only digital assets traded on these 15 FSA-approved platforms qualify as "virtual currencies" under Japanese law. This clear regulatory boundary ensures consumer protection, prevents money laundering, and promotes market transparency—key priorities for Japan’s financial regulators.

Newly Approved Exchanges Expand Market Access

The four newly licensed exchanges include:

All four entities have now met the rigorous compliance standards set by the FSA, including anti-money laundering (AML) protocols, cybersecurity measures, and capital adequacy requirements.

Among them, three—Tokyo Bitcoin Exchange, Bit Arg Exchange Tokyo, and FTT Company—are authorized to trade Bitcoin (BTC). The fourth, Xtheta Company, has received broader approval to handle multiple digital assets, including:

This multi-asset authorization highlights a growing trend toward diversified offerings within Japan’s regulated crypto ecosystem.

Ongoing Review of Additional Applications

While 15 exchanges are now fully licensed, the FSA continues to evaluate several pending applications. As of late September 2025, media reports indicated that 17 companies were still under review. Of those initially applying, 12 failed to meet the FSA’s strict registration criteria and subsequently ceased operations.

One of the most notable platforms currently under review is Coincheck, Japan’s second-largest Bitcoin exchange by trading volume. In a recent statement, Coincheck clarified that it submitted its registration application on September 13 and remains in the evaluation phase. Despite this, the exchange confirmed that all services continue uninterrupted for users.

This ongoing scrutiny underscores the FSA’s commitment to maintaining high operational and security standards across the industry.

Regulatory Framework Evolution in 2025

In line with its proactive approach, the FSA released an official policy document last month outlining its administrative stance on both cryptocurrency trading and Initial Coin Offerings (ICOs). This guidance provides clarity on how digital asset issuers and exchanges should comply with securities laws, investor protection rules, and disclosure requirements.

👉 Learn what regulatory trends mean for global crypto investors in 2025.

The release followed the initial wave of approvals in September and signals a maturing regulatory environment where innovation is balanced with oversight.

Why Japan’s Crypto Regulation Matters Globally

Japan’s approach to cryptocurrency regulation serves as a model for other nations seeking to integrate digital assets into traditional financial systems without compromising stability or security.

Key benefits of Japan’s framework include:

As more countries observe Japan’s progress, elements of its regulatory design may influence future policies worldwide.

Core Keywords Integration

Throughout this evolving landscape, several core keywords remain central to understanding Japan’s digital asset trajectory:
cryptocurrency exchange, Japan FSA, Payment Services Act, Bitcoin regulation, licensed crypto platforms, Coincheck, digital asset compliance, and crypto trading legality.

These terms reflect both user search intent and the broader narrative of regulated innovation in one of Asia’s most advanced economies.

👉 See how compliant exchanges are redefining trust in digital finance.

Frequently Asked Questions (FAQ)

What does FSA approval mean for a crypto exchange in Japan?

FSA approval means the exchange has met strict legal, financial, and security requirements to operate as a licensed virtual currency business. It allows the platform to legally offer crypto trading services to Japanese residents and ensures compliance with national anti-fraud and AML regulations.

Can unapproved exchanges still operate in Japan?

No. Since the implementation of the Payment Services Act, only FSA-registered exchanges may legally provide cryptocurrency trading services. Unlicensed platforms must either apply for registration or cease operations within Japan.

Is Bitcoin legal tender in Japan?

While Bitcoin is not considered legal tender (like the yen), it is recognized as a legitimate payment method under the Payment Services Act. Merchants can accept Bitcoin for goods and services, and transactions are protected under consumer laws when conducted through approved channels.

How many crypto exchanges are currently licensed in Japan?

As of the latest update, there are 15 licensed cryptocurrency exchanges in Japan—11 approved in the first round and four newly authorized in the subsequent review.

What happens if an exchange fails to get FSA approval?

Exchanges that do not meet FSA standards are required to stop offering services to Japanese users. Many have chosen to shut down entirely rather than undergo costly compliance upgrades.

Does FSA regulate ICOs and tokens?

Yes. The FSA evaluates tokens on a case-by-case basis to determine whether they qualify as securities. If so, they fall under existing financial regulations, requiring proper disclosures and investor protections during fundraising events like ICOs.

This structured advancement in Japan’s digital asset policy reflects a balanced vision: fostering innovation while safeguarding economic integrity. With 15 compliant exchanges now active and more under review, Japan continues to lead by example in building a safe, transparent, and accessible crypto economy.