According to CoinMeta, the Financial Services Agency of Japan (FSA) has officially established a dedicated department for cryptocurrencies and stablecoins. The agency has elevated cryptocurrency regulation from an office-level function to an independent department and set up three sub-units responsible for exchange monitoring, innovation, and digital payments, respectively. This move is a follow-up to the reforms under Japan's Financial Instruments and Transactions Law (FIEA), which reclassified Bitcoin, Ethereum, and another 103 tokens as financial instruments.