On March 3, 2026, FIN/SUM 2026, the fintech summit hosted by Japan's Financial Services Agency and Nikkei, opened in Tokyo's Marunouchi district. This was the tenth edition since 2016, running four days from March 3 to 6, with total attendance above 4,300. It anchors Japan Fintech Week 2026, which ran February 24 to March 6, and draws financial professionals from Japan and abroad.

Prime Minister Sanae Takaichi could not attend in person due to official duties, so Yozo Kaneko, Parliamentary Vice-Minister of the Cabinet Office, read her message. Takaichi said that accelerating the growth strategy requires the power of finance, and pledged work toward strong economic growth through crisis-management investment and growth investment. She said Japan needs to build on its Investment Nation initiative to deliver a strong economy and higher household income, and committed to strengthening regional financial capacity to support sustainable local growth.

This year's theme: the new financial ecosystem created by AI and blockchain. The through-line was that AI and blockchain sit on the same continuum as the internet and smartphones, each of which transformed financial services in turn.

Minister Katayama: AI Forums, Stablecoin Pilots, and Blockchain in Securities

Next came a video message from Satsuki Katayama, Minister of Finance and Minister of State for Financial Services. Katayama emphasized that Japan will support the development of digital finance in a form appropriate to Japan.

On AI, she reported results from the FSA's public-private AI forum. After sustained discussion with executives and developers at major financial institutions, including the three megabanks (MUFG Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank), work has advanced on AI-driven customer services and risk mitigation. A revised AI discussion paper reflecting those results has been published.

On blockchain, she stressed that Japan has been ahead of the world in building rules for crypto assets and stablecoins, and pointed to the movement toward stablecoin issuance. She also signaled intent to engage in international discussions on anti-money-laundering measures, anticipating the growth of cross-border digital asset trading.

The FSA supports private-sector pilots through its Payment Innovation Project (PIP), and has also approved a project on modernizing securities settlement. The framing was practical: technology is not the point; what matters is which business processes gain efficiency or safety, and how.

Elsewhere in the program, FSA Commissioner Ito gave a keynote, and Bank of Japan Governor Kazuo Ueda spoke on the role of central banks in the new financial ecosystem.

Not Just Talk: Japan's Stablecoin Ecosystem Is Already Taking Shape

The projects underway in Japan show these were not throwaway lines.

JPYC, Japan's first yen-denominated stablecoin, began issuance on October 27, 2025. Issued by the fintech JPYC Inc. under a funds transfer license, it became the first legal yen stablecoin under the revised Payment Services Act. Because it is issued under that license, it carries a per-transaction cap of one million yen.

The bigger move is the megabank alliance. MUFG Bank, SMBC, and Mizuho are pursuing a joint stablecoin using a trust structure, which carries no transfer cap. In November 2025, the FSA selected the pilot as the first case supported under PIP. Six parties took part: the three megabanks plus Mitsubishi Corporation, Mitsubishi UFJ Trust and Banking, and Progmat. The pilot tests cross-border settlement between the Japanese and overseas offices of Mitsubishi Corporation, a trading house with more than 240 major operating companies of its own.

The underlying platform, Progmat, was led in development by Mitsubishi UFJ Trust and incorporated in October 2023 with investment from the megabanks, NTT Data, and JPX Market Innovation & Research. On June 10, 2026, the three banks announced they are targeting actual commercial transactions with the joint stablecoin during fiscal 2026, and signed a memorandum to establish a governing council.

SBI Holdings and Startale Group have also announced JPYSC, a trust-type yen stablecoin designed for large institutional transactions and cross-border settlement, targeting launch in the first quarter of fiscal 2026. Japan Blockchain Base plans to launch EJPY within fiscal 2026.

Global Comparison: How World Leaders Approach Digital Assets

Japan's position is worth measuring against others.

The US under Trump: "The Crypto Capital of the World"

President Trump is among the most aggressive promoters of crypto anywhere. Right after taking office in January 2025 he signed an executive order on digital assets and declared his intent to make the US the crypto capital of the world. He directed the creation of a strategic bitcoin reserve using seized bitcoin, and banned a federal central bank digital currency.

Legislatively, the GENIUS Act establishing a federal framework for stablecoins passed in July 2025. The CLARITY Act, which would regulate market structure more broadly, is still moving through Congress, but the fight between banks and the crypto industry, particularly over paying yield on stablecoins, clouds its path.

The EU: Comprehensive Framework via MiCA

The European Union built unified crypto regulation across 27 countries through MiCA, the Markets in Crypto-Assets regulation, phased in from 2024. Stablecoin issuers face strict reserve requirements, transparency reporting, and regular audits.

MiCA is credited as the world's first comprehensive crypto regulation, though high compliance costs have reportedly pushed some companies toward Singapore and Hong Kong. Euro-denominated stablecoins remain a sliver of the global stablecoin market; dollar dominance is overwhelming.

Japan's Approach: Private First, Regulator Alongside

Japan's distinguishing feature is a cooperative model that lets private innovation run first while the government builds the rules around it. The revised Payment Services Act, passed in 2022 and in force from June 2023, laid the legal foundation for stablecoins, and JPYC followed in 2025. Broader reform continues: moving crypto assets under the Financial Instruments and Exchange Act, and shifting taxation from comprehensive income tax at up to 55 percent to 20 percent separate taxation. The government has also said it will formulate a financial strategy by summer 2026 in public-private partnership.

Item Japan US (Trump) EU (MiCA)
Leadership stance PM and finance/FSA minister actively pushing President personally declares "crypto capital" Focus on rulemaking, little political push
Stablecoins Private issuance, then megabanks enter Federal framework via GENIUS Act Strict MiCA compliance required
Regulatory method Incremental amendment of existing law New legislation plus executive orders, fast Comprehensive unified regulation first
CBDC Under study; private sector allowed to lead Banned Digital euro under parallel study
Taxation Pushing 55% down to 20% Clarification under debate Varies by member state

When Political Language Becomes Institution

In Japan, the prime minister and the finance and financial services minister both opened a fintech summit talking about stablecoins and AI, the three megabanks are pursuing a joint stablecoin, and new yen digital currencies keep appearing. From the top of government to the trading floor, the direction is aligned.

The distance between words and implementation remains, though. The megabanks originally expected practical use within fiscal 2025; that slipped to fiscal 2026. A startup, JPYC, got its coin circulating first, with the megabanks following. Whether the reach that cooperation buys outweighs the slowness it costs is still an open question.

In the US, Trump has made crypto a national strategy while fighting with the banks. The EU built the world's first comprehensive framework and now struggles to balance it against innovation. Nobody has the answer yet.

How does your government see stablecoins and blockchain? Has your country's leader ever spoken about fintech? We'd love to hear how it looks where you are.

References