Japan Financial Services Agency published draft amendments to notices, administrative guidelines and supervisory guidelines to implement the 2025 revisions to the Payment Services Act and opened a public comment process. The package addresses, among other areas, eligible backing assets for specified trust beneficiary rights and regulatory and supervisory expectations for electronic payment instruments and crypto asset service intermediary business, with consequential updates for banks, insurance companies and their subsidiaries. The drafts follow the enactment of the Act to Partially Amend the Act on Payment of Funds (Act No. 66 of Reiwa 7) and include proposed changes to the designation of bonds that can be managed as backing assets for specified trust beneficiary rights, newly established or revised administrative guidance for electronic payment instruments, crypto asset exchange providers and crypto asset service intermediaries, and updates to multiple sets of Comprehensive Supervisory Guidelines across major banks, regional and cooperative financial institutions, and insurance companies. The Financial Services Agency plans to publish the outcome of this consultation together with the results of public comments on the related Cabinet Order draft announced on 16 December 2025. Comments are due by 12:00 on 27 February 2026 via mail or the e-Gov website. After the public comment period, the Financial Services Agency plans to proceed with promulgation and enforcement through the necessary procedures.

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