# Japan’s FSA Publishes a 609-Page Survey of Global Financial Systems

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/44736
Published: 2026-10-30T13:48:16.000Z
Updated: 2026-10-30T13:48:16.000Z
Section: Regulation

> Published Oct. 30, the survey covers eight jurisdictions and includes sections on crypto exchanges, stablecoins and real-world asset tokenization.

Japan’s Financial Services Agency (FSA) published a 609-page survey of foreign financial systems on Oct. 30, covering banking, securities and insurance alongside crypto rules. The agency prepared the study as a reference for Japan’s financial-system planning and policymaking.

Written by law firm Atsumi & Sakai, the survey covers eight jurisdictions: the United States, the United Kingdom, the European Union, Germany, France, Singapore, China and Hong Kong. Its crypto sections examine rules for exchanges, stablecoins and real-world asset (RWA) tokenization.

The comparisons include the U.S. GENIUS Act, the European Union’s Markets in Crypto-Assets (MiCA) rules and proposed stablecoin issuer requirements in the United Kingdom. The UK requirements draw on a Financial Conduct Authority consultation paper.

For China, the survey describes a Feb. 6, 2026, notice that generally prohibits domestic RWA issuance, trading and related intermediary and technical services. The exception is activity formally approved by relevant authorities and conducted through specified financial infrastructure.

The Hong Kong section covers an expanded scope for tokenized securities trading and related market oversight. The survey also considers financial regulation beyond crypto, making the digital-asset material part of a wider review of foreign financial systems.