Key Takeaways:

• Japan’s Payment Services Act, revised in June 2023 and updated through 2026, created the world’s strictest stablecoin issuer rules.
• Project Pax, backed by MUFG, SMBC, and Mizuho, targets 1 trillion yen in B2B stablecoin issuance by 2028.
• JPYC became the world’s first fully regulated yen-pegged stablecoin under a Type II license in October 2025.

The Most Important Crypto Standards Nobody Is Talking About

While U.S. regulators spend years sorting out jurisdictional authority and European regulators iron out MiCA compliance, Japan moved. The country revised its Payment Services Act (PSA) in June 2023, classifying fiat-pegged stablecoins as Electronic Payment Instruments, and spent the next three years building an…