fiea

After the trauma of Mt. Gox and FTX Japan, the land of the rising sun chose a different path: not to ban, but to regulate thoroughly.
Background
From Payment Tool to Financial Instrument
For nearly a decade, Japan has regulated cryptocurrency under the Payment Services Act (PSA) — a law that views Bitcoin and its peers as nothing more than a digital transaction tool. The logic is simple: if people use crypto to buy coffee, the regulations are similar to e-wallets.
But the market reality says otherwise. Millions of Japanese investors aren't buying BTC to pay for ramen — they're stacking it for their investment portfolios. Trading volume is skyrocketing. Institutions are starting to take notice. And the old framework feels increasingly tight.