National Supervisory Authority & Licensing Qualification Dossier • Asia-Pacific
FSA
JapanFinancial Services Agency
Source / Native Reference: 日本金融厅
- Supervisory tier
- Tier-1
- License classes
- 3
- Licensed records
- 88
- Active / regulated
- 86
Statutory Supervisory Mandate & Scope
Federal Financial Supervisory Authority of Germany (BaFin) (BaFin) is the Tier-1 statutory financial markets and securities supervisory authority in Germany. It grants and supervises financial services licences across broker-dealers, investment advisers, asset managers, and market operators, enforcing initial and ongoing prudential capital requirements, segregated client asset rules, market conduct standards, and public register disclosures.
Supervises banks, securities and FX broker-dealers (FIBO), investment managers, insurers, credit rating agencies, Crypto-Asset Exchange Service Providers (CAESPs), and Electronic Payment Instruments (stablecoin) issuers.
Prudential Tier Assessment
Tier-1Ultra-strict G7 integrated financial supervisor enforcing the Financial Instruments and Exchange Act (FIEA) and Payment Services Act (PSA) with zero-loss cold-wallet trust rules.
National licensing qualifications & statutory authorisation classes (FSA)
Authorisation categories, permitted institutional and retail activities, minimum initial capital adequacy, and ongoing prudential solvency rules enforced by FSA in Japan.
| License class / code | Official designation | Permitted institutional & retail activities | Minimum initial / base capital | Ongoing prudential & solvency rule |
|---|---|---|---|---|
| FIEA Type I FIBO (第一種金融商品取引業) | Type I Financial Instruments Business Operator (Securities, Retail FX & Crypto Derivatives) | Brokerage, dealing, market-making, underwriting of liquid securities, retail OTC FX margin trading, and crypto-asset derivatives. | JPY ¥50,000,000 minimum Stated Capital & Net Assets (JPY ¥300M–¥3B for underwriting), plus Capital Adequacy Ratio (自己資本規制比率) strictly ≥ 120% (early warning at 140%). | Strict 25:1 retail FX leverage cap (4% margin), 2:1 retail crypto derivative leverage cap (50% margin), and mandatory FFAJ / JSDA membership. |
| FIEA Type II FIBO & Investment Management | Type II Financial Instruments Business & Discretionary Investment Management | Distribution of collective investment scheme interests, private placements, real estate trust beneficiary rights, and discretionary fund management. | JPY ¥10,000,000 minimum capital (Type II) or JPY ¥50,000,000 minimum capital and net assets (Investment Management Business). | Fiduciary duty, annual Business Report (事業報告書) to the Local Finance Bureau, and strict prohibition on commingling fund assets. |
| PSA CAESP (暗号資産交換業者) | Registered Crypto-Asset Exchange Service Provider | Spot exchange, brokerage, and custody of crypto-assets for Japanese residents. | JPY ¥10,000,000 minimum Stated Capital plus positive Net Assets and JVCEA self-regulatory membership. | 95% cold wallet isolation, annual audit of segregated crypto-assets and fiat trusts by a Japanese CPA firm, and JVCEA pre-screening of new token listings. |
Investor compensation, client money segregation & digital-asset regime
Statutory counterparty protections, custody reconciliation mandates, and virtual-asset licensing status under FSA.
Japan Investor Protection Fund (JIPF) & Deposit Insurance Corporation of Japan (DICJ)
- Maximum coverage per client
- JPY ¥10,000,000 per retail client via JIPF (for Type I securities firms); JPY ¥10,000,000 + interest per depositor via DICJ for Japanese banks
- Eligible counterparties & scope
- Individual and non-institutional clients of Type I FIBOs (additionally, 100% of retail FX margin and 95%+ of customer crypto-assets are held in bankruptcy-remote Trust Banks).
FIEA Article 43-2 & Article 43-3 (Mandatory Trust Bank Segregation — 信託保全)
- Reconciliation & audit cadence
- Daily calculation of Required Segregated Amount (区分管理必要額) reconciled within 2 business days into a licensed Japanese Trust Bank.
- Approved custodian requirements
- 100% of retail FX/CFD customer margin must be placed in a money trust with a licensed Japanese Trust Bank (e.g., Mitsubishi UFJ Trust, Sumitomo Mitsui Trust, Nomura Trust).
PSA Crypto-Asset Exchange Service Provider (CAESP), FIEA Crypto Derivatives & PSA Electronic Payment Instruments (Stablecoins)
- Travel Rule, custody & stablecoin rules
- 95% minimum cold-wallet storage mandate; any 5% hot-wallet exposure must be backed 1:1 by same-kind proprietary crypto held as a Performance Guarantee Asset (履行保証暗号資産); full APTCP Travel Rule enforcement.
Primary Governing Statutes & Rulebooks
- Financial Instruments and Exchange Act (FIEA — Act No. 25 of 1948)
- Payment Services Act of Japan (PSA — Act No. 59 of 2009, amended 2023 for Stablecoins)
- Act on Prevention of Transfer of Criminal Proceeds (APTCP — AML/KYC)
- Cabinet Office Ordinance on Financial Instruments Business & FFAJ / JVCEA Self-Regulatory Rules
Regulatory Reporting & Audit Obligations
Monthly Capital Adequacy Ratio (CAR) filings to the Kanto/Local Finance Bureau and public quarterly CAR disclosureAnnual financial statement audit and separate Segregated Client Asset Audit (分別管理監査) by a Japanese Certified Public AccountantMandatory affiliation with FINMAC (Financial Instruments Mediation Assistance Center) for ADR dispute resolution
Cross-Border Equivalence & Passporting
Strict territoriality under FIEA Article 61: foreign unregistered brokers and crypto exchanges are strictly prohibited from soliciting Japanese residents without local Type I FIBO / CAESP registration.
Supervised institutions & FSA licence records in our database
88 licence records referencing FSA (86 regulated/registered, 2 flagged with warnings/revocations).
| Institution | Licence number | Status | Licensed legal entity | Effective date | Verification |
|---|---|---|---|---|---|
| Saxo | Kanto Local Finance Bureau (FIBO) No. 239 | Regulated | Saxo Bank Securities Ltd. | 2007-09-30 | |
| OANDA | Kanto Local Finance Bureau (FIBO) No. 2137 | Regulated | OANDA Japan Inc | 2009-03-02 | |
| Plus500 | Kanto Local Finance Bureau (FIBO) No. 156 | Regulated | Plus500 | 2007-09-30 | |
| Mizuho Securities | 7010001008687 | Revoked | — | 2007-09-30 | |
| Forex | Kanto Local Finance Bureau (FIBO) No. 291 | Regulated | GAIN Global Markets, Inc. | 2007-09-30 | |
| IB | Kanto Local Finance Bureau (FIBO) No. 187 | Regulated | Interactive Brokers Hong Kong Limited | 2007-09-30 | |
| Binance | Kanto Local Finance Bureau 00031 | Regulated | Binance Japan Inc. | 2023 | |
| ThinkMarkets | Kanto Local Finance Bureau (FIBO) No. 250 | Regulated | TF GLOBAL MARKETS (AUST) PTY LTD | 2007-09-30 | |
| AvaTrade | Kanto Local Finance Bureau (FIBO) No. 1662 | Regulated | AVA Trade EU Ltd. | 2007-09-30 | |
| MUFG Bank | Number pending check | Regulated | MUFG Bank | — | |
| Hash | 3010401136678 | Regulated | Tokyo Hash Co., Ltd. | — | |
| Okcoin | Kanto Local Finance Bureau No. 20 | Regulated | Okcoin | 2020-03-30 | |
| AVA | 2010401081157 | Regulated | Ava Trade Japan K.K. | — | |
| bitFlyer | 00003 | Regulated | bitFlyer, Inc. | 2017 | |
| Dukascopy Bank | Kanto Local Finance Bureau (FIBO) No. 2408 | Regulated | Dukascopy Japan K.K. | 2010-06-08 | |
| 18shinwabank | 1310001005552 | Regulated | THE JUHACHI-SHINWA BANK, LTD. | — | |
| AIZAWA | 8010001217122 | Regulated | AIZAWA SECURITIES CO.,LTD. | 2007-09-30 | |
| Akita Bank | 1410001000221 | Regulated | THE AKITA BANK , LTD. | — | |
| au Kabucom Securities | 5010001066670 | Regulated | — | 2007-09-30 | |
| Bank of Nagoya | 8180001036398 | Regulated | The Bank of Nagoya , Ltd. | — | |
| Bank of The Ryukyus | 6360001000404 | Regulated | Bank of The Ryukyus , Limited. | — | |
| Broker-4586 | 2010001063860 | Regulated | Broker-4586 | 2007-9-30 | |
| Central Tanshi FX | 9010401073057 | Regulated | — | 2007-09-30 | |
| Chiba Bank | 2040001000019 | Regulated | The Chiba Bank , Ltd. | — | |
| Coincheck | 1010001148860 | Regulated | Coincheck | — | |
| Daiwa Securities | 9010001063235 | Regulated | — | 2007-09-30 | |
| DMM FX | Kanto Local Finance Bureau (FIBO) No. 1629 | Regulated | DMM.com Securities Co.,Ltd. | 2007-09-30 | |
| FUKUOKA BANK | 1290001004367 | Regulated | THE BANK OF FUKUOKA , LTD. | — | |
| Gaitame Online | 5010001110692 | Regulated | — | 2007-09-30 | |
| Gaitame.com | 7010401052335 | Regulated | — | 2007-09-30 | |
| GMO Click Securities | 4011001045946 | Regulated | — | 2007-09-30 | |
| Goldenway | 8010401062465 | Regulated | Goldenway Japan Co.,Ltd. | 2007-09-30 | |
| Gunma Bank | 3070001003513 | Regulated | The Gunma Bank , Ltd. | — | |
| HIGOBANK | 2330001001532 | Regulated | The Higo Bank , Ltd. | — | |
| Himawari Securities | Kanto Local Finance Bureau (FIBO) No. 150 | Regulated | — | 2007-09-30 | |
| Hirose Tusyo | Kinki Local Finance Bureau (FIBO) No. 41 | Regulated | — | 2007-09-30 | |
| Hiroshima Bank | 5240001012809 | Regulated | The Hiroshima Bank , Ltd. | — | |
| Hokuriku Bank | 1230001002946 | Regulated | The Hokuriku Bank , Ltd. | — | |
| Ichiyoshi | 7010001036845 | Regulated | Ichiyoshi Securities Co., Ltd. | 2007-09-30 | |
| Ikeda Senshu Bank | 8120001144082 | Regulated | The Senshu Ikeda Bank, Ltd. | — | |
| INVAST | Kanto Local Finance Bureau (FIBO) No. 26 | Regulated | INVAST Securities Co.,Ltd | 2007-09-30 | |
| JFX | Kanto Local Finance Bureau (FIBO) No. 238 | Regulated | — | 2007-09-30 | |
| Kyoto Bank | 9130001000028 | Regulated | The Bank of Kyoto , Ltd | — | |
| Marusan Securities | 1010001057236 | Regulated | — | 2007-09-30 | |
| Matsui Securities | Kanto Local Finance Bureau (FIBO) No. 164 | Regulated | — | 2007-09-30 | |
| MITA | 6010001058171 | Regulated | MITA SECURITIES Co., Ltd | — | |
| Mitsubishi | 4010001129098 | Regulated | Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. | -- | |
| Mizuho Bank | 6010001008845 | Regulated | Mizuho Bank,Ltd. | -- | |
| Monex Securities | 1010001064546 | Regulated | — | 2007-09-30 | |
| Money Partners | 6010401075907 | Regulated | — | 2008-09-10 | |
| MUTB BANK | 6010001008770 | Regulated | Mitsubishi UFJ Trust and Banking Corporation | -- | |
| Naito Securities | 7120001077507 | Regulated | — | 2007-09-30 | |
| Nikko | 8010401072159 | Regulated | Nikko Asset Management Co., Ltd | 2004-09-03 | |
| Nishitetsu City Bank | 4290001107472 | Regulated | Nishitetsu Asset Management Co.,Ltd | — | |
| Nissan | 6015001053429 | Regulated | Nissan Securities Co., Ltd. | 2007-09-30 | |
| Nomura | 6010001074037 | Regulated | Nomura Securities Co., Ltd. | 2007-09-30 | |
| oitabank | 7320001000084 | Regulated | THE OITA BANK , LTD. | — | |
| Okasan Securities | 5010001082560 | Regulated | — | 2007-09-30 | |
| PayPay Securities | 301000156746 | Exceeded scope | — | 2015-12-17 | |
| Rakuten Bank | 5010701022527 | Regulated | Rakuten Bank,Ltd. | — | |
| Rakuten Securities | Kanto Local Finance Bureau (FIBO) No. 195 | Regulated | Rakuten Securities, Inc. | 2007-09-30 | |
| Saitama Resona Bank | 8030001009848 | Regulated | Saitama Resona Bank,Limited | — | |
| San-in Godo Bank | 6280001000230 | Regulated | The San-in Godo Bank , Ltd. | — | |
| SBI FX Trade | Kanto Local Finance Bureau (FIBO) No. 2635 | Regulated | — | 2012-04-13 | |
| SBI Shinsei Bank | 7010001016855 | Regulated | SBI Shinsei Bank,Ltd. | — | |
| Shizuoka Bank | 5080001002669 | Regulated | THE SHIZUOKA BANK , LTD. | — | |
| SMBC | 5010001008813 | Regulated | Sumitomo Mitsui Banking Corporation | — | |
| SMBC Nikko Securities | 7010001125714 | Regulated | — | 2009-09-10 | |
| Sony Bank | 4010401053410 | Regulated | Sony Financial Holdings Inc | — | |
| SPARX | 5010701017007 | Regulated | SPARX Asset Management Co., Ltd. | — | |
| Sumitomo | Number pending check | Regulated | Sumitomo Mitsui Trust Bank | — | |
| Sumitomo | 8010001096277 | Regulated | Sumitomo Mitsui Trust Estate Investment Management Co.,Ltd. | 2018-11-06 | |
| THE | 6120001077409 | Regulated | THE KOSEI SECURITIES CO.,LTD | 2007-9-30 | |
| THE | 6180001041714 | Regulated | THE YUTAKA SECURITIES CO.,LTD. | 2007-09-30 | |
| The Akita Bank | 7340001000826 | Regulated | THE KAGOSHIMA BANK , LTD. | — | |
| The Aomori Bank | 3420001000012 | Regulated | Aomori Michinoku Bank , Ltd. | — | |
| The Bank of Kochi | 4490001000608 | Regulated | THE BANK OF KOCHI , LTD. | — | |
| The Bank of Okinawa | 4360001000406 | Regulated | The Bank of Okinawa , Ltd. | — | |
| The Hokkaido Bank | 3430001022658 | Regulated | The Hokkaido Bank , Ltd. | — | |
| TOHOKU BANK | 7400001001891 | Regulated | THE TOHOKU BANK , LTD. | — |
FSA (Japan): institutional licensing & due diligence FAQ
Key statutory capital, compensation, custody segregation, and verification answers for compliance teams.
What are the primary licensing classes and minimum capital requirements under FSA (Japan)?
FSA (Financial Services Agency) supervises financial institutions in Japan under Financial Instruments and Exchange Act (FIEA — Act No. 25 of 1948) and Payment Services Act of Japan (PSA — Act No. 59 of 2009, amended 2023 for Stablecoins). Key statutory authorisation classes include: FIEA Type I FIBO (第一種金融商品取引業) (Type I Financial Instruments Business Operator (Securities, Retail FX & Crypto Derivatives) — min. capital: JPY ¥50,000,000 minimum Stated Capital & Net Assets (JPY ¥300M–¥3B for underwriting), plus Capital Adequacy Ratio (自己資本規制比率) strictly ≥ 120% (early warning at 140%).); FIEA Type II FIBO & Investment Management (Type II Financial Instruments Business & Discretionary Investment Management — min. capital: JPY ¥10,000,000 minimum capital (Type II) or JPY ¥50,000,000 minimum capital and net assets (Investment Management Business).); PSA CAESP (暗号資産交換業者) (Registered Crypto-Asset Exchange Service Provider — min. capital: JPY ¥10,000,000 minimum Stated Capital plus positive Net Assets and JVCEA self-regulatory membership.). Ongoing prudential supervision requires strict adherence to capital adequacy and liquidity buffers.
Does FSA provide statutory investor compensation and mandatory client asset segregation?
Under FSA's framework, investor protection is governed by Japan Investor Protection Fund (JIPF) & Deposit Insurance Corporation of Japan (DICJ) with maximum coverage of JPY ¥10,000,000 per retail client via JIPF (for Type I securities firms); JPY ¥10,000,000 + interest per depositor via DICJ for Japanese banks (Individual and non-institutional clients of Type I FIBOs (additionally, 100% of retail FX margin and 95%+ of customer crypto-assets are held in bankruptcy-remote Trust Banks).). For client money and custody assets, supervised firms must comply with FIEA Article 43-2 & Article 43-3 (Mandatory Trust Bank Segregation — 信託保全), performing daily calculation of required segregated amount (区分管理必要額) reconciled within 2 business days into a licensed japanese trust bank. with 100% of retail fx/cfd customer margin must be placed in a money trust with a licensed japanese trust bank (e.g., mitsubishi ufj trust, sumitomo mitsui trust, nomura trust)..
How does FSA regulate digital assets, crypto exchanges (VASPs/CASPs), and stablecoins?
FSA's digital-asset regime is structured around PSA Crypto-Asset Exchange Service Provider (CAESP), FIEA Crypto Derivatives & PSA Electronic Payment Instruments (Stablecoins) (Gold-standard statutory framework: CAESPs regulated since 2017; fiat-pegged stablecoins restricted to Banks, Trust Companies, and Fund Transfer Service Providers.). Custody and AML/CFT compliance obligations require: 95% minimum cold-wallet storage mandate; any 5% hot-wallet exposure must be backed 1:1 by same-kind proprietary crypto held as a Performance Guarantee Asset (履行保証暗号資産); full APTCP Travel Rule enforcement.
How can I verify an institution's FSA licence number and check our 88 recorded licence entries?
Our database currently tracks 88 licence records referencing FSA (86 marked regulated or registered). To verify a counterparty at the primary source, open FSA's official public register (https://www.fsa.go.jp/en/index.html), search by the exact reference number and legal entity name, and confirm that the firm's domain and permitted activities match its statutory authorisation.
Related regulatory & market structure briefings
Research and compliance analysis from VolSurface Desk relevant to FSA and Japan.
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Cboe SPX 0DTE Options Volume (59% Share) & Dealer Gamma Exposure (GEX) (SPX-0DTE-GEX) stands at 59.0% (Share of SPX Options Volume) (Source: Cboe Global Markets, 2026-10-20), governing intraday futures rebalancing per 1%
Statutory licensing classes, base capital rules, and investor protection summaries for FSA (Japan) are maintained for institutional benchmarking and do not constitute legal advice. Always verify current rulebooks and active firm authorisations directly on FSA’s official public register.