Japan FSA Approves 4 New Crypto Exchanges, Raising Legal Count to 15

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The Japanese financial landscape for digital assets has taken a significant step forward as the Financial Services Agency (FSA) has officially approved four additional cryptocurrency exchanges for legal operation. This latest development brings the total number of authorized crypto platforms in Japan to 15, reinforcing the country’s position as a leader in structured and transparent digital asset regulation.

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

Expanded Regulatory Approval for Crypto Trading Platforms

On December 4, the FSA announced the approval of four new cryptocurrency exchanges following a rigorous evaluation process. These platforms have now been formally recognized under Japan’s regulatory framework, allowing them to offer digital asset trading services in compliance with national laws.

This follows the initial wave of approvals in September, when the FSA greenlit 11 exchanges. The addition of these four new players marks a pivotal moment in Japan’s ongoing effort to balance innovation with investor protection and financial stability.

The newly approved exchanges are:

All four have been listed on the FSA’s official website, providing public transparency about their registration status and permitted activities.

Compliance with Japan’s Payment Services Act

The FSA emphasized that only cryptocurrencies traded on these 15 approved exchanges qualify as “virtual currencies” under Japan’s Payment Services Act, which came into effect on April 1, 2025. This legislation formally recognizes Bitcoin and other compliant digital assets as legitimate forms of payment within the country.

Under the Act, all cryptocurrency exchanges operating in Japan must register with the FSA and adhere to strict anti-money laundering (AML), know-your-customer (KYC), and cybersecurity standards. This regulatory clarity has helped build consumer confidence and encouraged institutional participation in the crypto economy.

Trading Permissions and Supported Assets

While three of the newly approved exchanges are authorized to trade Bitcoin (BTC), Xtheta Company stands out by receiving clearance to handle a broader range of digital assets. These include:

This diversification reflects the FSA’s willingness to support a variety of blockchain-based assets—provided they meet stringent security and compliance benchmarks.

The inclusion of multiple cryptocurrencies beyond Bitcoin signals a maturing market where users can access a wider spectrum of decentralized financial tools while remaining within a regulated environment.

Ongoing Review of Additional Exchange Applications

The FSA continues to evaluate several pending applications from other crypto platforms seeking formal recognition. As of late September, 17 companies were reportedly under review. However, 12 failed to meet the required standards and subsequently ceased operations.

One notable applicant currently under review is Coincheck, Japan’s second-largest Bitcoin exchange. The platform clarified in a recent statement that it submitted its registration application on September 13 and remains in the evaluation phase. Despite this, Coincheck reassured users that all trading and withdrawal services continue uninterrupted.

This underscores a key principle of Japan’s regulatory approach: platforms can operate during review, but full legal status—and the associated trust and banking partnerships—only come after final approval.

Strengthening Regulatory Clarity

In November, the FSA released a comprehensive policy document outlining its stance on cryptocurrency regulation and initial coin offerings (ICOs). This guidance followed the initial approval of the first 11 exchanges and provides detailed frameworks for:

The move demonstrates Japan’s proactive effort to stay ahead of emerging risks while fostering responsible innovation in fintech and blockchain technology.

👉 Learn how global regulators are setting new standards for crypto safety and adoption.

Why Japan’s Approach Matters Globally

Japan’s methodical expansion of licensed crypto exchanges serves as a model for other nations navigating the complex terrain of digital asset regulation. By combining strict compliance with gradual market liberalization, the FSA is creating a trusted ecosystem where both retail and institutional investors can participate with confidence.

Moreover, the country’s early recognition of Bitcoin as legal tender under the Payment Services Act has positioned it as a pioneer in bridging traditional finance with decentralized technologies.

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Frequently Asked Questions (FAQ)

Q: How many cryptocurrency exchanges are now legally approved in Japan?
A: As of December 2025, there are 15 legally approved cryptocurrency exchanges operating under the supervision of the Japanese Financial Services Agency (FSA).

Q: What is the significance of the Payment Services Act for crypto in Japan?
A: The Payment Services Act, effective April 1, 2025, legally recognizes Bitcoin and other virtual currencies as valid payment methods and mandates that all exchanges must register with the FSA to operate.

Q: Can unapproved exchanges still operate in Japan?
A: No. Exchanges without FSA approval are not permitted to offer services. Those that failed to meet registration requirements have either shut down or suspended operations.

Q: Which cryptocurrencies are approved for trading in Japan?
A: Approved exchanges may list Bitcoin (BTC) and other digital assets like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and NEM (XEM), depending on individual exchange permissions.

Q: Is Coincheck currently a licensed exchange in Japan?
A: As of now, Coincheck is still under review by the FSA and has not yet received final approval, though it continues to serve customers during the evaluation process.

Q: Why does Japan regulate crypto exchanges so strictly?
A: Following past security breaches and investor losses, Japan implemented strict regulations to protect consumers, prevent money laundering, and ensure financial system stability.

👉 Stay ahead in the evolving world of regulated digital assets—see what’s next in crypto compliance.