Japan PSA Amendment 2023 (Stablecoins/EPI) regulation

Regulation · PageRank 0.0015

Also known as: Japan Payment Services Act 2023 amendment

Overview

Japan's amendment to the Payment Services Act creating a stablecoin framework was approved by the Diet in June 2022 and came into effect in June 2023. It introduced the category of "electronic payment instruments" (EPIs), corresponding to fiat-backed stablecoins redeemable at par. Direct issuance of EPIs to Japanese residents is limited to licensed banks, funds transfer service providers, and trust banks or trust companies, producing deposit-type, trust-type and fund-transfer-type stablecoin models, with backing required in highly liquid assets. The amendment also defined "electronic payment instruments exchange services" and created a registration regime for intermediaries that handle EPIs.

Within the DeFi Intel graph, Japan PSA Amendment 2023 (Stablecoins/EPI) connects to 2 tracked entities, most strongly to Japan, Financial Services Agency Japan.

Relations

Top connections in the DeFi Intel knowledge graph (confidence-weighted, 2 of 2 total).

Frequently asked questions

When did Japan's stablecoin amendment to the Payment Services Act take effect?

It was approved by the Diet in June 2022 and came into force in June 2023.

What are electronic payment instruments?

The PSA category corresponding to stablecoins — fiat-referenced digital instruments redeemable at par.

Who can issue stablecoins to Japanese residents?

Only licensed banks, funds transfer service providers, and trust banks or trust companies.