The Japan Financial Services Agency has published a summary of minutes from a March 31 opinion exchange between Financial Administration Monitoring Committee members and agency executives. The discussion did not announce final rule changes, but it set out the agency's current thinking across several live policy areas, with the clearest operational point on crypto assets. Executives said the planned move of crypto asset transaction rules to the Financial Instruments and Exchange Act would give the Securities and Exchange Surveillance Commission stronger tools against unregistered operators, including surcharge recommendations and emergency court injunctions, supported by broader cooperation with overseas regulators under the International Organization of Securities Commissions enhanced multilateral memorandum of understanding. The agency also said the existing definition of crypto assets will be retained initially to avoid confusion during the transition, with post-transition practice to be monitored for gaps or overreach. On trust-related securities rules, the agency said the Corporate Content Disclosure Guidelines are intended to prevent evasion and should not be read by reverse inference, and it defended the practical approach of treating proprietary and trust accounts together for tender offer and large shareholding reporting purposes unless voting or other rights are reserved by the original investor. The minutes also point to possible further work on Japan's stablecoin and money transfer framework in light of permissionless distributed ledgers and foreign regimes, on life insurance solicitor testing, continuing education, compensation and governance, and on investment trust agency fees. For business-oriented lending, the agency said it is supporting interpretive work on loans with stock acquisition rights and will soon publish the results of 11 industry study sessions on corporate value security interests, while telling financial institutions not to focus on case numbers too early.
Japan Financial Services Agency2026-06-02
Japan Financial Services Agency publishes committee minutes on stronger action against unregistered crypto operators and reviews of trust and lending rules
The Japan Financial Services Agency published minutes of a March 31 opinion exchange with the Financial Administration Monitoring Committee, outlining its thinking on several policy areas without announcing rule changes. Executives highlighted shifting crypto asset transaction rules to the Financial Instruments and Exchange Act to strengthen enforcement against unregistered operators, while initially retaining the existing crypto asset definition and enhancing cooperation with overseas regulators. The agency also clarified its approach to trust-related securities disclosure and reporting, and signalled further work on stablecoin and money transfer rules, life insurance distribution, investment trust agency fees, and business-oriented lending structures.