Japan's regulated crypto market continues to grow under strict oversight, with more than 100 unique tokens now officially recognized across 28 registered digital asset exchange platforms, according to the latest data from the Financial Services Agency (FSA).
FSA Registry Reveals Over 100 Unique Tokens After Deduplication
As of April 5, 2026, the FSA's updated list on its website identifies 28 domestic crypto exchange service providers and their respective supported assets. Each exchange is required to register every crypto asset it offers to users under the Payment Services Act. The registry, last updated on February 28, contains approximately 520 total token entries when counting duplicate listings across platforms. After removing duplicates and legacy variants, the core pool settles at just over 100 distinct tokens. The exact number varies slightly due to classification methods; the FSA records rebranded, merged, and legacy tokens separately to reflect actual assets handled by each provider.
The deduplicated roster includes major tokens such as ADA, ALGO, APE, APT, ARB, ASTR, ATOM, AVAX, AXS, BAT, BNB, BTC, DOGE, DOT, ETH, FET, FIL, FTT, GALA, GRT, HBAR, IMX, LINK, LTC, MANA, NEAR, PEPE, SEI, SHIB, SOL, SUI, TAO, TON, TRUMP, TRX, XLM, XRP, XDC, ZIL, and many others. These assets span multiple categories: Layer 1 infrastructure and protocols, Layer 2 and scaling solutions, artificial intelligence and data-focused networks, gaming and metaverse assets, decentralized finance (DeFi) and middleware protocols, stablecoins and asset-backed tokens, exchange and service utility tokens, memecoins, and Japan-specific or localized projects.
FSA Clarifies Listing Does Not Imply Endorsement
The FSA emphasizes that inclusion in the registry does not constitute government endorsement or value guarantee. The regulator states: "The crypto assets handled by the Crypto Asset Exchange Service Providers listed in this register are only confirmed to fall within the definition under the Payment Services Act, based on explanations from the service providers." Additionally, exchange service providers must be registered with both the FSA and local finance bureaus.
Exchange Diversity Highlights Competitive Strategies
Differences between exchanges reveal varied strategies under the same regulatory framework. Larger operators offer broader access: Binance Japan lists 65 tokens, Bittrade 48, Bitbank 44, Bitflyer 39, Coincheck 37, and SBI VC Trade 35. In contrast, Money Partners and Coinhub support only Bitcoin. Coinbase appears on the list without any listed tokens, indicating an inactive status in the current snapshot. This variation shows how platforms compete through asset selection while maintaining compliance.
Dual Regulatory Layer: FSA Registration and JVCEA 'Green List'
Japan's crypto market operates under a dual-layer oversight system. The FSA handles exchange registration and asset confirmation, while the Japan Virtual and Crypto Assets Exchange Association (JVCEA) runs a 'Green List' framework that allows member exchanges to quickly list tokens already approved by the FSA and meeting liquidity, security, and transparency standards. The Green List currently includes over 30 tokens, significantly reducing redundant initial assessments and accelerating market access.
Authorities also caution that crypto assets are not legal tender, lack government backing, and carry risks including price volatility, cybersecurity threats, and fraud. Users are advised to verify exchange registration and understand transaction risks before trading. Japan's structured model emphasizes transparency and accountability while enabling market activity, offering a blueprint for global crypto regulation.