Japan

Japan is globally recognized as one of the most forward-thinking and developed countries when it comes to crypto payment regulation. The nation legally recognized Bitcoin and other digital currencies as property under the Payment Services Act (PSA) as early as 2017. It has also implemented a comprehensive legal framework for crypto asset exchange service providers (CAESPs) to operate safely and legally within the country. However, it's important to note that cryptocurrencies aren't considered legal tender or official currency in Japan, and thus do not hold the same status as the Japanese yen.

This implies that while crypto payments are permitted in Japan, they are not compulsory for businesses or individuals. Parties opting to accept or employ cryptocurrencies for goods and services payment must adhere to the tax and regulatory framework that traditional payment methods are subject to.

As per the PSA, cryptocurrencies are categorized as "Crypto Assets", defined as "property values usable as payment to unspecified persons or transferable via electronic data processing systems". Crypto Assets encompass both cryptocurrencies and utility tokens such as BTC, ETH, and so on.

Japan's regulatory stance on crypto payments mirrors its aspiration to be a global front-runner in digital innovation. By providing legal clarity and security for crypto users and businesses, Japan aims to drive increased investment and uptake of crypto assets within its economy.