Japan’s changing crypto framework has strengthened Shiba Inu’s position in the country, but as of September 7 no regulator, exchange or asset manager has filed for or approved a Japanese SHIB exchange-traded fund.

Japan’s parliament passed legislation on July 15 that brings crypto assets closer to the regulatory system used for financial products. The official legislative record shows that the upper house approved the bill that day. The government promulgated it as Law No. 64 on July 23.

The legislation strengthens disclosure, trading and intermediary rules under the Financial Instruments and Exchange Act. It provides a possible legal foundation for regulated crypto funds. However, it does not approve an ETF for Bitcoin, Shiba Inu or any other individual asset.

The distinction matters because an ETF also requires detailed regulations, an eligible structure, an asset manager, an exchange listing process and regulatory clearance. None of those steps has been announced for SHIB.

Shiba Inu’s Green List status covers exchange reviews

Shiba Inu does appear on the Japan Virtual and Crypto Assets Exchange Association’s official Green List. The list identifies crypto assets that are widely handled by the association’s Japanese members and satisfy four stated conditions.

Those conditions include handling by at least three member companies and a trading history of at least six months. The asset must also have no special conditions imposed by the association or another reason making its inclusion unsuitable.

The September 1 list shows nine member companies handling SHIB. That compares with 29 for Bitcoin, 28 for Ether and 19 for XRP. Green List inclusion can simplify parts of an exchange’s review process, but it does not create automatic ETF eligibility.

A community commentator described the designation as giving SHIB a “head start.” That remains an interpretation rather than a conclusion published by the Financial Services Agency or JVCEA.

Japan has a massive ETF market, just no crypto ETF yet.

The door did open though: on July 15 the Diet moved crypto under the FIEA, the same law as stocks.

That’s the reclassification an ETF needs. FSA rulemaking still has to happen, so first listings are 2027 at the earliest… pic.twitter.com/4VSzyIfIw5

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— Mazrael.shib (@Mazrael_shib) September 7, 2026

Mercari expanded retail access to SHIB in June

Mercari subsidiary Mercoin officially added access to SHIB and 11 other assets on June 8. The service allows eligible customers to trade the assets with Coincheck through the Mercari application, according to the company’s announcement.

Mercoin said its crypto service had passed four million cumulative account openings by March 2026. About 90% of surveyed users had no previous crypto-trading experience, although that figure covers Mercoin’s broader customer base rather than SHIB buyers specifically.

The integration therefore expands SHIB’s retail availability in Japan. It does not mean Mercari has issued an investment fund, applied for an ETF or endorsed a future SHIB product.

Japan still needs ETF and tax implementation rules

Japan’s legislation advances a regulatory process that began with Financial Services Agency discussions about moving crypto toward securities-style oversight. As crypto.news previously reported, earlier policy discussions focused primarily on Bitcoin and Ether as potential initial ETF assets.

A Japanese SHIB ETF would require an identifiable sponsor to submit a product, regulators to establish listing and custody requirements, and an exchange to accept the fund. No such application appears in the official materials reviewed for this report.

Tax reform also remains incomplete. In related coverage, crypto.news reported that the proposed 20% separate tax rate is targeted for 2028. It is not currently available merely because an asset appears on the Green List.

The next confirmed step is regulatory implementation of the amended legislation. Claims that Japanese crypto ETFs could arrive in 2027 remain forecasts. SHIB has gained broader regulated exchange access, but its ETF prospects remain unconfirmed.

Meanwhile, SHIB traded at $0.0000055 at press time, indicating a 8% increase in in the past 7 days and 17% in the past month.

Singapore-based financial services group DBS and American financial services giant Citi completed the first weekend tokenized cross-border payment between Singapore and the US on Saturday.

The two companies executed the transaction using tokenized deposits via the Swift Digital Ledger to bypass the constraints of traditional banking hours, DBS announced on Monday.

The deposit was finalized in minutes, which DBS called a “significant improvement” from the industry norm of as long as two business days for traditional cross-border transfers.

The transaction demonstrates how traditional banks are exploring blockchain rails for more efficient cross-border transactions while aiming to keep deposits inside banking channels. Standard Chartered and HSBC were the first to complete a tokenized cross-border transaction on Swift’s blockchain ledger in August.

In July, Swift, the world’s largest financial messaging network, said that its blockchain-based ledger was ready for initial use and that it was preparing to pilot tokenized cross-border payments with 17 major banks, including Citi and DBS, as well as HSBC, BNP Paribas, UBS, ANZ and Standard Chartered.

Citi is also one of a group of the largest US banks that plan to launch a separate tokenized deposit network in the first half of 2027 operated by The Clearing House, David Watson, CEO of the bank-owned payments operator, told The Wall Street Journal in June.

In November 2025, DBS and JPMorgan revealed plans to develop a blockchain-based tokenization framework to enable onchain transfers between their deposit token ecosystems, aiming to set an industry standard for cross-bank payments.

Related: VARA, Securitize sign MoU for tokenization innovation in Dubai

Cointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

Citi and DBS completed a tokenized U.S. dollar payment between Singapore and New York on Sept. 5, processing the weekend transaction within minutes through Swift’s blockchain-based ledger.

DBS announced the transaction on Monday, describing it as the first successful weekend U.S. dollar payment between Singapore and the United States using Swift’s Digital Ledger.

The payment connected DBS with Citi’s New York office. Neither bank disclosed the transaction’s value, participating customer or applicable fees. The lack of those details limits comparisons with existing cross-border payment products.

DBS said the transaction took minutes, compared with an industry norm of up to two business days. That comparison is the bank’s assessment. Processing times for conventional payments vary by corridor, participating institutions, compliance checks and payment method.

The Saturday transfer demonstrated that participating banks can coordinate tokenized deposit instructions outside conventional operating hours. It did not establish that the service is broadly available to corporate customers across every market.

Swift’s ledger coordinates separate bank systems

Tokenized deposits represent claims against commercial banks. They remain bank liabilities rather than privately issued stablecoins backed by separate reserve portfolios.

Swift’s ledger acts as an orchestration layer between deposits issued on participating banks’ own systems. It records, sequences and validates payment obligations while applying transaction rules through smart contracts.

Final settlement still occurs through established banking systems. The design therefore uses blockchain to coordinate value between institutions without placing every part of the transaction or final conventional settlement onchain.

As crypto.news previously explained, the platform coordinates bank-issued money rather than public stablecoins. This distinction allows banks to preserve existing compliance, credit and risk controls while extending payment availability beyond normal cut-off times.

The Citi-DBS payment followed the first live interbank transaction between HSBC and Standard Chartered in August. That transaction also connected independently operated tokenized deposit systems through Swift’s shared ledger.

Citi expands its live Swift payment tests

Citi had already completed live transactions with First Abu Dhabi Bank and Singapore-based OCBC before working with DBS. The bank said it became the first U.S. bank to conduct live native transactions on Swift’s ledger.

Citi expected to conduct additional transactions with DBS and United Overseas Bank during September. The completed weekend payment confirms the DBS portion of that schedule.

The tests complement Citi’s existing digital payment services. The bank said Citi Token Services processes approximately $1 billion in transactions through its blockchain platform, while its round-the-clock dollar clearing service supports more than 300 banking clients.

Those figures come from Citi and have not been independently audited within the transaction announcement. Citi also did not provide a commercial launch date for customer access to Swift’s ledger.

Citi is separately involved in a bank-owned U.S. tokenized deposit project. As previously reported, major U.S. banks are targeting a 2027 network launch through The Clearing House.

DBS and Swift prepare for wider deployment

DBS introduced its own blockchain-powered Token Services platform in 2024. Its products include Treasury Tokens, which support programmable transfers and liquidity management on the bank’s permissioned blockchain.

The bank is also the only Asian-headquartered institution in Swift’s 12-member core design group. Rachel Chew, DBS’s group chief operating officer and co-head of digital assets, said the transaction showed tokenized money moving from experimentation toward “real-world adoption.” Wider adoption, however, will require more corridors, banks and production customers.

Swift opened its ledger for initial use in July after developing the first version in nine months. Seventeen banks across six continents joined the initial live transaction program.

The participating institutions include Citi, DBS, HSBC, BNP Paribas, BNY, Standard Chartered, UBS, Wells Fargo, ANZ and MUFG. Crypto.news reported at the time that Swift’s initial rollout targeted continuous cross-border payments.

The next test is whether banks can move beyond controlled institutional transactions to recurring customer payments at commercial scale. Swift and the participating banks have not disclosed a full production timetable, pricing model or expected transaction capacity.

The Bangko Sentral ng Pilipinas (BSP) has proposed a temporary pause on new registrations for payment-system operators as part of a broader effort to tighten integrity and risk controls around payments connected to virtual asset service providers (VASPs). In a draft circular released for consultation, the central bank also outlined stricter requirements for BSP-supervised institutions when merchant acquisition involves regulated crypto-related businesses.

While the proposal is still subject to feedback and finalization, it signals the regulator’s intent to slow down parts of the payment authorization pipeline and to tighten how regulated VASPs are routed into payments and settlement processes in the Philippines.

Key takeaways

• The BSP proposes suspending acceptance and processing of new applications for operators of payment systems for 12 months, pending a “holistic review” of its licensing framework.
• Applications already submitted before the suspension would continue to be assessed, but BSP would not approve or deny them until the pause ends.
• BSP-supervised merchants and acquiring services would need to structure arrangements with regulated VASPs through direct merchant relationships subject to enhanced due diligence and monitoring.
• The draft expands the control net to VASPs that are licensed, registered, or authorized by the BSP, the Philippine Securities and Exchange Commission (SEC), or another competent authority.
• If finalized, the draft circular would take effect 15 days after publication, though the BSP is currently collecting public comments.

12-month pause on new payment-system operator registrations

In the draft circular, the BSP states that it will suspend acceptance and processing of applications from entities seeking to operate payment systems. The regulator said the move is intended to allow a “holistic review” of its taxonomy and licensing framework for payment-system oversight.

Importantly, the suspension would not necessarily erase earlier applications. According to the draft, applications submitted before the pause could still be evaluated, but the BSP would delay any approval or denial decision until the 12-month review period concludes.

The proposal also introduces a practical constraint for market participants: entities would be barred from beginning activities that require payment-system operator registration unless the BSP authorizes them through other channels. That means applicants and related service providers may face timing uncertainty even if they have already passed initial steps in the process.

Merchant acquisition rules tightened when VASPs are involved

Beyond the operator-registration pause, the BSP’s draft circular focuses on how payments are structured when BSP-supervised institutions offer merchant acquisition services that involve VASPs. The central bank proposes that such relationships must be handled through direct merchant arrangements with regulated VASPs.

Under the draft, these arrangements would come with enhanced due diligence and ongoing monitoring obligations. The BSP also points to additional risk-based controls, including transaction and settlement limits, aimed at reducing exposure in payment flows linked to virtual asset activity.

For investors, traders, and payment-adjacent businesses, this shift matters because it targets the mechanics of how crypto-related counterparties enter payment rails—not just licensing status. If implemented as drafted, it could affect onboarding processes for merchants, payment service providers, and any intermediary layers that currently sit between VASPs and merchants.

Which crypto firms are covered by the controls

The BSP’s enhanced requirements would apply to VASPs, but the draft clarifies that the obligation is tied to entities that are licensed, registered, or authorized by the BSP, the Philippine SEC, or another authority. In other words, the rules appear designed for counterparties that have already obtained some form of regulatory recognition, rather than treating all crypto activity as equivalent.

The circular also places VASPs in the broader category of businesses subject to scrutiny under the BSP’s integrity and control approach. The draft lists VASPs alongside other sectors such as gambling businesses, gaming providers, adult-oriented businesses, and money service businesses—suggesting a risk-assessment framework that groups activities by perceived operational and compliance sensitivity rather than by industry alone.

The classification has implications for compliance programs: institutions providing merchant acquisition will likely need to revisit their vendor and counterparty screening policies and ensure they can demonstrate heightened controls for the relevant categories.

Timing, consultation, and what to watch next

The draft circular would take effect 15 days after publication if finalized. The BSP is currently accepting feedback, and Cointelegraph reported reaching out to the BSP for more information without receiving a response before publication.

Readers and market participants should watch for two outcomes as the consultation progresses. First, whether the BSP’s 12-month pause remains unchanged in scope or duration, and whether it introduces clarifications on how pending applications will be handled during the review window. Second, how the final text implements the direct merchant-arrangement requirement and what “enhanced due diligence,” monitoring, and limits will look like in practice for BSP-supervised institutions working with regulated VASPs.

USD/JPY is caught in a genuine crossfire this week, and Thursday’s move said it all: the yen surged nearly 2% in a single session, touching a one-month high near 155.28, as traders simultaneously priced in higher odds of a Bank of Japan hike and stayed alert to fresh intervention risk following July’s joint US-Japan operation. BOJ board member Hajime Takata has even floated the possibility of outsized or back-to-back hikes to contain inflation, while Governor Ueda’s comments this week reinforced expectations of a move as early as this month.

The dollar side offers no clean counter-narrative either. August’s jobs report reshaped the Fed debate almost overnight, with payrolls coming in well above the 55,000 consensus, briefly reviving September hike bets that had cooled sharply after Fed Governor Waller signalled comfort with holding rates if inflation keeps easing. Markets are now split roughly 50–60% on a September move, leaving Chair Kevin Warsh’s guidance, alongside the CPI and PPI prints later this week, as the real tie-breakers.

The result: a yen gaining genuine independent strength from hawkish BOJ signals, against a dollar whose own rate path remains stuck between conflicting data, leaving USD/JPY’s next move hostage to whichever central bank commits first.

Technical Analysis of USD/JPY

As the USD/JPY chart shows, the pair has broken sharply below its long-term ascending trendline following Thursday’s yen surge, with price now sitting right at the 155.00 support zone after decisively rejecting the confluence of the descending trendline, the 100 EMA and the resistance zone at the crucial 160.00 level.

Bullish Scenario

Should buyers defend the 155.00–156.00 support and reclaim the descending trendline, the path would open towards a retest of the 100-period EMA near 159.50, with a stronger recovery potentially targeting the 160.00–161.00 resistance zone that has capped rallies since May.

Bearish Scenario

Conversely, a confirmed break below the 155.00–156.00 support would expose the pair to the next crucial level, with a deeper slide risking a retest of the 152.00–153.00 zone, the low that anchored the entire 2026 uptrend.

With price having just lost its long-term ascending trendline and now testing critical support directly beneath the 100-period EMA, USD/JPY looks poised for a decisive move. Will the BoJ’s hawkish momentum drag the pair into a genuine trend reversal, or will the dollar find its footing first?

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