Japan’s Financial Services Agency has published a 609-page commissioned study on overseas financial regulatory systems, offering a broad review of crypto-related rules across eight countries and regions. The report was prepared by Japanese law firm Atsumi & Sakai and is intended to serve as reference material for Japan’s future financial system planning and legislative work.
The study focuses on regulatory frameworks for crypto asset exchanges, stablecoins and real-world asset, or RWA, tokenization. It reviews major policy developments including the US GENIUS Act, the European Union’s Markets in Crypto-Assets regulation, known as MiCA, and the UK’s stablecoin regulatory approach. It also covers rules in China and Hong Kong.
According to the report, China’s current framework in principle prohibits domestic issuance, trading and related services for RWA tokenization, with exceptions for activities that receive approval from competent authorities and rely on specific financial market infrastructure. The report also notes Hong Kong’s efforts to expand the scope of tokenized securities trading and the market oversight arrangements tied to that expansion. CoinPost was cited as the source in the Odaily brief.
Japan’s Financial Services Agency, or FSA, has released a 609-page commissioned study on overseas financial regulatory systems, according to an Odaily report citing CoinPost. The document was written by Japanese law firm Atsumi & Sakai and covers eight countries and regions, including the United States, the United Kingdom, the European Union, China and Hong Kong. The stated purpose is to provide reference material for Japan’s financial system planning and legislative work.
Study reviews exchanges, stablecoins and RWA tokenization
The report organizes regulatory frameworks for crypto asset exchanges, stablecoins and real-world asset, or RWA, tokenization across the jurisdictions it surveyed. It includes the US GENIUS Act, the EU’s MiCA framework, the UK’s stablecoin regulatory plan, and rules issued by China in February 2026 on virtual currencies and RWA oversight.
China and Hong Kong sections outline current rules
According to the report, China’s current rules in principle prohibit domestic RWA token issuance, trading and related services. An exception applies to business activities that have obtained approval from competent authorities and are carried out through specific financial infrastructure.
The report also covers Hong Kong’s move to expand the scope of tokenized securities trading, along with related market regulatory arrangements.
Source cited: CoinPost.
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