The Japan Financial Services Agency released a 609-page research report on overseas cryptocurrency regulation, covering the regulatory systems of China, the United States, Europe, and Hong Kong regarding RWA

The Financial Services Agency of Japan (FSA) released a commissioned research report on overseas financial regulatory systems, totaling 609 pages, authored by the Japanese law firm Atsumi & Sakai. The report covers eight countries and regions, including the United States, the United Kingdom, the European Union, China, and Hong Kong, aiming to provide references for Japan's financial system planning and legislation.

The report focuses on outlining the regulatory systems for cryptocurrency exchanges, stablecoins, and the tokenization of real-world assets (RWA) in various regions, including the U.S. "GENIUS Act," the EU MiCA regulations, the UK's stablecoin regulatory framework, and China's regulations on virtual currencies and RWAs to be released in February 2026.

The report points out that, according to current Chinese regulations, the issuance, trading, and related services of RWA tokenization within the country are generally prohibited, except for businesses that have obtained approval from the competent authorities and rely on specific financial infrastructures. Additionally, the report discusses Hong Kong's expansion of the scope of tokenized securities trading and related market regulatory arrangements.