Japan enacts sweeping crypto rules under revised Payment Services Act

Japan has brought into force major crypto regulations under its revised Payment Services Act, marking a significant expansion of oversight for the digital-asset sector. The new regime establishes a registry for crypto service intermediaries, tightens anti-money-laundering requirements, and authorizes regulators to require exchanges to keep customer assets in Japan if an operator enters bankruptcy. Stablecoin issuers also gain more flexibility in how they manage reserve assets, while authorities increase scrutiny of cross-border payment activity. The changes underscore Japan's continued push to formalize the role of Bitcoin and other digital assets through longer-term regulatory frameworks.