1. Legal and Regulatory Considerations
Classification of Bitcoin: In Japan, Bitcoin is classified as a “crypto-asset” (formerly “virtual currency”) under the Payment Services Act (PSA) . It is not legal tender, but it is a legally recognized form of property value that can be used for payments . Bitcoin is not treated as a security under Japanese law, so securities regulations (FIEA) generally do not apply to holding Bitcoin in treasury . The Financial Services Agency (FSA) oversees crypto-asset regulation and user protection, but mainly for businesses that provide crypto services to others.
Owning Bitcoin as a Company: Simply holding Bitcoin on your corporate balance sheet is allowed in Japan. There are no laws prohibiting companies from owning crypto-assets as treasury assets. A company can purchase, hold, and use Bitcoin much like it would any other investment or asset. Bitcoin holdings would be recorded on the balance sheet (typically as an intangible or financial asset, depending on accounting policies). Holding Bitcoin for your own investment or as a reserve does not itself trigger special regulatory approval – it is considered an internal corporate decision, akin to holding foreign currency or commodities.
Regulatory Framework: The key law is the Payment Services Act (PSA), which provides the definition of crypto-assets and regulates crypto-asset exchange services. Notably, the PSA requires any entity providing “Crypto Asset Exchange Services” (such as operating a crypto trading platform, brokerage, or custodial service for others) to register with the FSA . However, these rules target service providers dealing with customer assets. A company that is merely buying and holding Bitcoin with its own funds is not providing a crypto exchange service, so it does not need to register under the PSA for just holding its own BTC. In other words, holding or using Bitcoin internally is not a regulated activity and does not require a license (see Section 2 below for licensing) as long as you are not engaging in business on behalf of others .
Financial Services Agency (FSA): The FSA is Japan’s financial regulator that enforces these laws and issues guidelines. The FSA has implemented strict rules for crypto businesses (in response to past exchange hacks), but those primarily affect exchanges and custodians, not ordinary companies holding crypto. For example, FSA rules mandate robust security and audits for exchanges, and require exchange companies to segregate and protect customer assets . While these specific rules don’t directly apply to a non-exchange company treasury, they illustrate the high standard of care expected in handling crypto-assets and are good practices to follow (more on security in Section 4).
Anti-Money Laundering (AML): If your company deals with Bitcoin, be mindful of AML laws. Crypto transactions are subject to the Act on Prevention of Transfer of Criminal Proceeds. If you receive or send large amounts of crypto, certain reporting may be required. For instance, under the Foreign Exchange and Foreign Trade Act, any transfer of crypto-assets exceeding ¥30 million in value into or out of Japan must be reported to the Ministry of Finance . This is similar to reporting large fiat currency transfers. Ensure your company documents significant crypto transactions and complies with any required notifications. In practice, if you use a licensed Japanese exchange to buy/sell Bitcoin, the exchange will conduct KYC/AML checks. Your company should also have internal policies to prevent illicit use of its crypto (e.g. not transacting with sanctioned or high-risk addresses).
Other Legal Considerations: Using Bitcoin for payments is legal – for example, a Japanese company can pay suppliers or accept customer payments in Bitcoin if both parties agree. Such transactions would legally be treated as barter (the crypto asset for goods/services) rather than yen payments. No special permit is needed to pay or accept crypto, but you would need to account for the yen value of the transaction (for tax and accounting). Also, if your company were to engage in related crypto activities (like issuing a token, running a crypto exchange, or custodying crypto for others), additional laws (and likely FSA licensing) would come into play – but holding Bitcoin as treasury investment does not by itself implicate those. Always keep an eye on FSA announcements and guidelines; Japan’s regulators are actively monitoring the crypto sector, but the overall policy is supportive of blockchain innovation as long as compliance is maintained.
2. Licensing Requirements (If Any) for Holding or Transacting Bitcoin
One of the advantages of holding Bitcoin purely as a treasury asset is that it generally does not require a special license in Japan. Simply buying, selling, or using Bitcoin for your own corporate purposes is not considered a regulated business activity. The PSA’s registration requirements apply to Crypto Asset Exchange Service Providers (CAESPs) – i.e., businesses that conduct certain crypto transactions “as a business for others” . The law defines Crypto Asset Exchange Services to include:
• Selling or buying crypto-assets or exchanging one crypto-asset for another as a business (e.g. operating a crypto brokerage or exchange platform) .
• Intermediating or brokering crypto trades between others (acting as an agent or middleman) .
• Custodying crypto-assets for customers (managing customers’ crypto private keys or wallets on their behalf) .
• Managing customers’ money in connection with crypto transactions (e.g. holding customer fiat deposits for crypto trades) .
If your company were doing any of the above for clients or the public, you would need to register with the FSA as a licensed exchange/custodian. Doing those activities without a license is illegal and subject to criminal penalties . However, if you are only handling your own Bitcoin (proprietary transactions), none of those conditions apply. You are not selling crypto to others, not acting as an intermediary for others, and not holding anyone else’s assets. Therefore, no crypto-specific license or registration is required just to hold Bitcoin on the company’s balance sheet or to use it for the company’s own payments.
In practical terms, your company will likely use a registered exchange to acquire Bitcoin (since exchanges in Japan must be FSA-licensed). But your company itself does not need an FSA license merely to trade on a licensed exchange or to hold its coins. For example, if you open a corporate account on a crypto exchange like bitFlyer, Coincheck, or Binance Japan (all FSA-registered exchanges), those platforms are licensed – your company as a customer does not need a separate license.
Transacting in Bitcoin as a Business: If your business model involves transacting in Bitcoin directly with customers or vendors, consider whether that constitutes a regulated service. Accepting Bitcoin as payment for goods or services is generally not considered a crypto “exchange service” – it’s akin to accepting a commodity or foreign currency in trade. Many Japanese merchants accept Bitcoin without any special license. The amount received would simply be recorded in yen equivalent for accounting. (Do ensure the Bitcoin comes through regulated channels and consider currency volatility.) Paying others in Bitcoin (e.g. a contractor or even an employee bonus) is also allowed, but you must comply with labor laws (wage payments in Japan typically must be in yen or a form agreed by the employee) and withholding tax obligations by converting the value to yen for tax purposes.
If in Doubt: If the company’s Bitcoin activity expands (for instance, if you start offering crypto custody to other businesses, or launch a crypto investment product), you should consult legal counsel and likely will need to register with the FSA. But for treasury and investment purposes only, no special crypto license is needed. The company will operate like any corporate investor. Just be sure to use reputable, licensed crypto service providers when interacting with the market to stay on the right side of regulations (for example, use FSA-licensed exchanges for trades, use banks or trust companies for custody if needed).
3. Tax Implications for Corporate Bitcoin Holdings in Japan
Corporate Income Tax on Gains: For companies in Japan, profits from Bitcoin are subject to corporate income tax, just like profits from any other investment. If your company sells Bitcoin at a gain (or realizes a gain by using it in a transaction), that profit is added to the company’s ordinary income and taxed at the standard corporate tax rate (approximately 30% including national and local taxes, though the exact rate can vary with company size and other factors). Conversely, if you realize a loss (sell Bitcoin for less than the purchase price), that loss can typically offset other corporate income, reducing your taxable income. In short, realized gains are taxable and realized losses are deductible under corporate tax rules.
Historical Taxation of Unrealized Gains: One crucial consideration is how unrealized gains (market value increases in Bitcoin that you haven’t sold) are treated. Historically, Japan had a very strict rule: companies had to pay tax on unrealized gains in crypto at the end of each fiscal year (mark-to-market taxation) . This means if your Bitcoin’s value rose by year-end, that increase was counted as taxable income even if you didn’t sell – a burdensome policy that could force companies to sell crypto to pay the tax. (Notably, individuals were not taxed on unrealized gains, only on realized gains, but companies were, which created a disincentive for holding crypto long-term .)
Tax Reform in 2023/2024: The good news is that Japan has reformed these rules to encourage Web3 and crypto adoption. Effective from fiscal year 2023–2024, unrealized gains on certain crypto-assets are no longer taxed for companies, provided certain conditions are met . In December 2023, the Japanese Cabinet approved a proposal to end the year-end mark-to-market taxation on crypto assets issued by third parties (like Bitcoin, Ethereum, etc.) . This brought parity with self-issued tokens: previously, if a company held tokens it issued itself, those were already exempt from unrealized gain tax, and now holdings of others’ tokens get the same treatment . Under the 2024 tax reform, crypto assets held long-term by companies (that the company didn’t issue and that are not intended for quick resale) will not be subject to end-of-year mark-to-market taxation . In other words, if your company is holding Bitcoin as a long-term investment on its balance sheet (not as inventory for trade), you won’t have to pay tax just because the price went up at year-end – you’ll only be taxed when you actually sell or otherwise realize the gain. This reform removed a major tax hurdle and is explicitly aimed at making Japan more attractive for crypto businesses and corporate holders.
Example: If your fiscal year ends in March and by March 31 your Bitcoin has doubled in value, you do not need to include that unrealized gain in taxable income (assuming you meet the conditions, e.g. the BTC is a long-term holding, not held for short-term trading profit) . Before 2024, you would have had to. This change significantly reduces the tax risk of holding Bitcoin on the balance sheet.
Tax on Sales and Conversions: When you sell Bitcoin for yen (or another asset), any gain or loss is realized. If you sell for more than the book value, the profit is taxable. If you sell for less, the loss is generally tax-deductible, as noted. If you use Bitcoin to pay for something or exchange it for another asset, that is treated as a deemed sale – you are effectively disposing of the Bitcoin at its market value. For example, if you purchase equipment by paying in BTC, you’ll have a taxable event: the difference between the BTC’s value (in JPY) at payment time and the value recorded on your books is a gain or loss for tax purposes. Keep records of the yen-equivalent value of any crypto at the time of transaction for proper accounting.
Accounting for Bitcoin: Japan does not yet have a bespoke accounting standard for crypto-assets, but generally companies apply existing standards by analogy:
• Under Japanese GAAP or IFRS, Bitcoin is usually treated as an intangible asset or sometimes as inventory (if held for trading purposes). As an intangible asset with an indefinite life, it would be carried at cost minus any impairment. This means you would write down the asset if the price drops below cost (impairment loss), but you would not write it up for increases (no revaluation gain) unless you sell. This conservative treatment can lead to book values lower than market value. (Some companies that adopted IFRS have considered using fair value through profit and loss in some cases, but currently most treat it as intangible.) It’s wise to consult with an accounting firm on the appropriate classification. The Japanese Institute of CPAs (JICPA) has issued guidance aligning with international views – i.e., cryptocurrency is not cash or financial instrument, and intangible asset treatment is acceptable. This affects how you report the holdings on financial statements but not the tax (tax will follow the special rules described above).
• Implications: If Bitcoin’s price falls, you may take an impairment loss in your accounts (and a tax deduction for that loss). If price rises, you won’t show a profit on books until you sell, but thanks to the tax reform, you also won’t be taxed on that rise until sale.
Consumption Tax (VAT): Japan imposes a 10% consumption tax on most sales of goods and services, but crypto transactions are exempt from consumption tax. Since 2017, the sale or exchange of crypto-assets like Bitcoin has been explicitly exempt from Japanese Consumption Tax . Prior to that change, trading crypto in Japan was subject to consumption tax, but the law was amended effective July 1, 2017, to treat crypto like a means of payment for tax purposes and eliminate double-taxation . So, when your company buys Bitcoin, you do not pay 10% tax on the purchase, and when you sell or spend it, you don’t add consumption tax on that transfer. (If you sell goods or services and accept Bitcoin as payment, you still charge consumption tax on your goods/services as usual – but the act of paying with Bitcoin doesn’t itself add tax. The tax is calculated on the yen value of the transaction as with any sale.)
Other Taxes: If your company engages in crypto mining or staking, note that any crypto earned would be treated as income (the fair market value at the time of receipt is taxable income, and that becomes the cost basis going forward). Also, Japan has standard rules for cross-border transactions: if you hold or send crypto abroad, it can have transfer pricing or foreign asset reporting implications if large. But these are advanced topics – for simply holding Bitcoin in Japan, the main things to remember are corporate income tax on realized gains (with the new deferral of unrealized gains) and no consumption tax on crypto trades.
Documentation and Reporting: Ensure you keep thorough records of all crypto transactions (dates, amounts, counterparty, value in yen). This is critical for calculating gains at year-end or upon disposal. The National Tax Agency (NTA) has an extensive FAQ on crypto taxation, and while much of it is geared to individuals, it also covers corporate scenarios. Japanese tax authorities expect clear evidence for the cost basis of crypto-assets and the proceeds of any sales. Use reputable accounting software or services to track these if the volume is high. Given the evolving tax environment, it’s advisable to have a tax advisor or accountant review your company’s crypto tax strategy annually. The government is actively tweaking crypto taxation to balance revenue with encouraging innovation (for example, discussions continue on whether to eventually tax certain crypto differently, etc.), so staying updated via a tax professional is wise.
4. Best Practices for Custody and Security of Bitcoin Assets
Holding Bitcoin introduces technical and security challenges that are quite different from holding traditional assets. Best practices are essential to safeguard the company’s crypto assets against theft, loss, or misuse. Japan’s regulators (and global experts) have learned from past incidents like Mt. Gox (2014) and Coincheck (2018) hacks. Here are key custody and security practices, which Japanese companies are strongly advised to follow:
• Cold Storage for the Majority of Funds: Keep the bulk (e.g. ~95% or more) of your Bitcoin in cold storage, which means offline wallets not connected to the internet. This greatly reduces the risk of hacking. In fact, FSA regulations for exchanges mandate that approximately 95% of customer crypto funds be kept in cold wallets offline – a good benchmark for any organization’s security policy. Only a minimal amount needed for immediate liquidity should be in “hot” (online) wallets.
• Multi-Signature Wallets: Use multi-signature (multi-sig) technology for your Bitcoin wallets. Multi-sig means that no single person or device can move the coins; instead, multiple private keys (held by separate trusted parties/devices) are required to authorize a transaction. This adds redundancy (so one lost key doesn’t lose funds) and security (an attacker would need to compromise multiple keys). Many institutional-grade custody solutions in Japan emphasize multi-sig – for example, BitGo’s custody service (used by some Japanese exchanges) relies on battle-tested multi-signature security compliant with FSA rules . With multi-sig, you can distribute keys among, say, the CEO, CFO, and a trusted third-party custodian such that any 2 of 3 are needed to move funds. Design an approval policy that makes sense given your corporate governance (e.g. require sign-off from both a technology officer and a finance officer for transfers).
• Hardware Wallets and Secure Key Management: If self-custodying, store private keys on hardware wallets or dedicated secure devices (not on ordinary computers). Devices like Ledger or Trezor or more enterprise-focused HSMs (Hardware Security Modules) keep keys in a secure enclave. Ensure backups of keys or recovery seeds are made and stored in secure, separate locations (for example, in bank safety deposit boxes or with a trusted legal counsel). Never store private keys or seed phrases in plaintext on computers or cloud storage. Limit the number of people who have access to the keys or seeds, and use tamper-evident seals and procedures for any physical access.
• Internal Controls and Policies: Establish clear internal procedures for handling Bitcoin. This includes separation of duties (no single employee should be able to unilaterally transfer the company’s bitcoins), dual control for approvals, and strict access controls on systems used to manage crypto. Keep an audit log of all transactions and any access to wallets. Regularly reconcile and audit the wallet balances. (Japanese exchanges must undergo annual audits verifying their crypto asset balances and segregation ; your company should likewise have your auditors verify the existence and integrity of your crypto holdings as part of financial audits.) Use address whitelisting if your wallet solution allows it – for example, programmatically restrict withdrawals only to approved addresses (such as the company’s own cold wallet or known exchange accounts), to prevent an attacker or rogue insider from sending funds to an arbitrary address.
• Professional Custody Solutions: Consider using a qualified custodian or trust service for holding the Bitcoin, especially if the amounts are significant or if you lack in-house crypto security expertise. In Japan, the regulatory climate is supportive of institutional custodians: since 2022, licensed trust banks are allowed to offer crypto-asset custody services for clients . This means major financial institutions (with stringent oversight) can custody digital assets on your behalf. Engaging a custodian (such as a trust bank or reputable crypto custody firm) can reduce the operational risks – they will manage the wallets, security, and insurance in many cases, while you retain ownership. Of course, you should perform due diligence on any custodian’s security protocols and financial stability.
• Insurance: Look into insurance coverage for crypto holdings. Some custodians include a degree of insurance against theft. Traditional insurers also are slowly entering this space. Having an insurance policy on your digital assets can help mitigate the financial damage of a catastrophic loss (though premiums can be high).
• Disaster Recovery: Plan for how to recover your Bitcoin if something goes wrong. For example, if key holders leave the company or a device fails, do you have secure backups to restore access? Use multiple backups stored safely. Periodically test your backup recovery process (without exposing the actual keys). Also, plan for inheritance/ succession of access rights – e.g., if a key holder (executive) is incapacitated, ensure another officer or a designated trustee can step in.
• Secure Transactions: When you do move Bitcoin (e.g., to rebalance or to convert to cash), be very careful with operational security. Use dedicated, clean devices for any signing. Verify recipient addresses through multiple channels (to avoid malware switching an address). For large transactions, consider doing a small test transaction first. Be mindful of phishing or social engineering attacks that target employees with access – maintain strict cybersecurity training and policies.
• Compliance and Monitoring: Even though Bitcoin is decentralized, you can and should monitor your wallets and incoming transactions for any signs of unauthorized activity. Use blockchain analytics or simple monitoring tools that alert you to any movement of funds. Internally, limit knowledge of sensitive procedures to need-to-know basis. If you are accepting Bitcoin from external parties, consider using a transaction monitoring service to screen for tainted coins (to ensure you’re not accidentally dealing with hacked or sanctioned funds).
By following these best practices, many of which align with FSA’s expectations for exchanges, a Japanese company can significantly reduce the risk of loss. Essentially, treat your Bitcoin treasury with the same (or greater) care as you would a vault of cash or gold – because in crypto, security is paramount and breaches are often irreversible. Consider hiring specialists or consultants if your team is not experienced in crypto custody; the upfront cost is worth avoiding a costly mistake.
5. Recommended Service Providers for Custody, Auditing, and Accounting
As a company venturing into Bitcoin, you don’t have to do everything alone. Japan has a growing ecosystem of professional service providers to help companies manage crypto assets securely and in compliance with regulations. Here are some recommendations across custody, auditing, and accounting:
Custody and Wallet Services:
• Komainu: An institutional-grade crypto custody service backed by Nomura (one of Japan’s largest investment banks) in partnership with Ledger and CoinShares. Komainu is a regulated custodian (based out of Jersey) that has been expanding its presence in Japan to serve institutional clients . They offer secure storage, insurance, and compliance reporting. Nomura’s involvement and FSA’s allowance of trust banks to engage in crypto custody suggest Komainu operates with a high degree of oversight. This is a top choice if you want an end-to-end custody solution with a reputable name – your Bitcoin would be held in trust, with robust security (including multi-sig and cold storage) and regular audits.
• BitGo: BitGo is a well-known global crypto custodian that provides technology and services for institutional wallets. They have experience in Japan through partnerships – for example, the FSA-licensed exchange Bitgate uses BitGo’s self-managed custody solution to meet Japan’s regulatory security requirements . BitGo’s platform uses multi-signature wallets and allows clients to hold their own keys in a secure manner (with BitGo co-managing keys for safety). A benefit of BitGo is its on-premises custody solution: your company can retain control of private keys in-country, with BitGo’s software enforcing security policies . BitGo also supports multi-asset custody and provides insurance options. If you prefer to keep custody in-house but with battle-tested infrastructure, a BitGo enterprise implementation (potentially in collaboration with a local provider) could be ideal.
• Japanese Trust Banks & Exchanges: Since late 2022, Japanese trust banks can legally offer crypto custody . This means you might soon be able to use familiar institutions (like Mitsubishi UFJ Trust and Banking, Sumitomo Mitsui Trust, etc.) to safekeep your Bitcoin. Some initiatives are already underway (for instance, Nomura’s trust bank subsidiary is involved via Komainu, and other banks have digital asset divisions). It’s worth inquiring with major banks if they have custody services for crypto or plans to introduce them – using a local trusted institution can simplify legal and accounting alignment. Additionally, some domestic crypto exchanges offer custody or enterprise accounts (for example, bitFlyer and Bitbank have services targeting corporate clients). These exchanges are highly regulated by the FSA and follow strict security (segregating corporate assets, using cold storage, etc.), so keeping coins on a reputable exchange’s custody might be feasible for smaller holdings or short-term needs. However, for large long-term holdings, a specialized custodian or self-custody with strong controls is recommended over leaving funds on an exchange.
• Multi-Party Computation (MPC) Custody Providers: A newer breed of custodians use MPC technology (an alternative to traditional keys) to secure crypto. Companies like Fireblocks or Copper have platforms that some Japanese institutions might use (though check their regulatory status in Japan). These can allow fast transfers with high security, useful if your treasury needs to actively rebalance.
When choosing a custody solution, consider compliance, security track record, insurance coverage, ease of integration with your operations, and cost. Make sure any provider you use either has an FSA registration or is working with a locally licensed entity if they are touching your crypto in Japan.
Auditing Services:
Given that Bitcoin will be an asset on your balance sheet, your company’s financial auditor should be involved to validate the existence and value of the holdings. In Japan, the “Big Four” accounting firms all have cryptocurrency and blockchain expertise:
• PwC Aarata, Deloitte Tohmatsu, KPMG AZSA, and EY ShinNihon each have teams that have audited crypto exchanges, miners, and corporate crypto holdings. They are familiar with procedures like private key verification, blockchain confirmation of balances, and valuation of digital assets. If your company already uses one of these firms, leverage their crypto knowledge. If not, you can engage them or another reputable audit firm with crypto experience. The audit process will likely involve independently verifying that the wallets your company controls indeed contain the Bitcoin amount claimed (often done by signing a message from the address or moving a Satoshi as proof), and confirming the valuation with market price sources at period-end.
• There are also boutique firms and consulting companies specializing in crypto audits (for example, some firms in Japan focus on smart contract audits or exchange audits). For treasury purposes, a mainstream financial audit firm is usually sufficient, possibly with a specialist consultant brought in. The key is to ensure your auditors are comfortable with crypto. Notably, FSA’s rules for exchanges require an external audit report on custody of assets, so auditors in Japan have developed methodologies for crypto – these can be applied to your corporate context as well .
Accounting and Tax Advisory:
Crypto accounting can get complex, so involving professional advisors will save headaches:
• Accounting Advisors: You may consult with the Japanese Institute of Certified Public Accountants (JICPA) or its publications for guidance on accounting treatments. Some accounting firms in Japan have published guides on crypto-asset accounting. For instance, the Japan Virtual and Crypto assets Exchange Association (JVCEA) in combination with JICPA have discussed best practices. It’s wise to have an accountant who understands whether to classify your Bitcoin as intangible or inventory, how to handle impairment, and how to disclose it in financial statements. Many companies also disclose their crypto holdings in footnotes, and you’ll want to ensure proper disclosure in line with standards (for transparency to investors about price volatility, etc.).
• Tax Professionals: Engage a tax advisor (either from a Big Four tax division or a specialized tax law firm) to ensure compliance with all NTA guidelines. The NTA’s FAQ on crypto-asset taxation is updated annually (the latest version as of late 2024 was Version 9 ), and a tax professional can interpret how those apply to your corporate case. For example, they can advise on timing of recognizing income, how to treat mining or staking (if applicable), and how to file necessary schedules for crypto transactions. They will also keep you updated on any future tax law changes (Japan is considering further changes, such as special tax breaks to attract Web3 startups, etc.).
• Auditing of Controls: In addition to financial auditing, you might consider an IT security audit or SOC2 type audit of your crypto custody process if you’re managing it internally. This isn’t a legal requirement, but it can be a best practice for corporate governance – demonstrating to your board or investors that you have strong internal controls over this new type of asset.
Service Providers in Practice: Many Japanese companies that dabble in crypto rely on a combination of the above. For instance, a company might use a custodial service like Komainu or a trust bank to hold the assets, hire a Big Four firm as their auditor to verify and advise on accounting, and use a domestic tax advisory firm to handle filings. Ensure that all these providers coordinate – e.g., the custodian can provide needed reports to your accountants, the accountants and tax advisors agree on treatment, etc.
In summary, leverage expertise – the landscape of crypto is new for many corporates, but Japan has built a solid support network. The FSA’s emphasis on compliance means that many providers (exchanges, custodians) are already geared up to provide documentation and assurances that will satisfy auditors and regulators. Don’t hesitate to ask for help; using these services will give your stakeholders confidence that the company’s Bitcoin is well-managed.
6. Japanese Companies Already Holding Bitcoin in Treasury
Japan is often seen as conservative in finance, but several Japanese companies have taken the step of holding Bitcoin in their treasuries. This trend has been growing, especially as regulations and tax treatment have clarified. Here are some notable examples of Japanese companies (publicly known) with Bitcoin on their balance sheet:
• Nexon Co., Ltd.: Nexon, a major Tokyo-listed video game publisher, made headlines in April 2021 by purchasing 1,717 BTC (about $100 million worth at the time) as a treasury investment . This was one of the first large Bitcoin acquisitions by a Japanese public company. Nexon’s CEO, Owen Mahoney, stated that the purchase was a strategy to protect shareholder value by hedging against inflation and currency risk, noting that Bitcoin offers long-term stability and liquidity for their cash holdings . Nexon’s Bitcoin investment represented a small percentage (~2%) of its total cash, indicating it was a strategic reserve. Nexon is often cited alongside foreign firms like MicroStrategy and Tesla as an early corporate adopter of Bitcoin.
• ANAP (ANAP Holdings Inc.): ANAP is a Japanese fashion retailer (known for its apparel brand). In 2025, ANAP announced a significant Bitcoin purchase as part of its treasury strategy, buying ¥10 billion JPY (~$70 million) worth of Bitcoin. The company’s board approved this as a long-term investment, comparing Bitcoin to “international assets like the US Dollar and gold” in importance . ANAP’s management expressed the view that the global trend toward Bitcoin adoption is irreversible and that Bitcoin’s value will likely appreciate against the yen . This was a bold move for a relatively mid-sized company; ¥10 billion is a substantial portion of ANAP’s corporate assets, indicating strong conviction. With that purchase, ANAP joined the ranks of Japanese firms embracing Bitcoin, and it even referenced other crypto-forward firms like MetaPlanet in its announcement .
• Remixpoint, Inc.: Remixpoint is a TSE-listed company (3825.T) that operates in the energy and IT sectors and also owns BITPoint, a cryptocurrency exchange. Remixpoint has been accumulating Bitcoin as part of its treasury or strategic holdings. As of mid-2025, Remixpoint reportedly held around 1,000 BTC in its treasury . The company has described its Bitcoin accumulation as part of a diversification and risk mitigation strategy, aligning with a broader trend of corporations adding digital assets to their portfolios . Because Remixpoint is directly involved in the crypto industry via its exchange business, its decision to hold Bitcoin also signals confidence in the asset it deals with. (Note: Some of those BTC holdings might originate from operational needs of the exchange, but it appears a portion is held as an investment reserve.)
• MetaPlanet Inc.: MetaPlanet is a Japanese investment firm that has adopted an aggressive Bitcoin-focused strategy. As of mid-2025, MetaPlanet holds 8,888 BTC in its treasury – a massive amount, making it one of the largest Bitcoin-holding entities in Japan. The company’s plan doesn’t stop there: MetaPlanet announced plans to raise about $5.4 billion to purchase up to 210,000 BTC by 2027, which would make it the second-largest corporate holder of Bitcoin globally . This ambitious strategy caused MetaPlanet’s stock price to jump on the announcement. MetaPlanet’s move is an outlier in terms of scale, but it underscores a growing sentiment among some Japanese investors that holding Bitcoin can be a core strategic asset. (It effectively aims to make Bitcoin a major asset on par with its other investments.)
• Other Examples: A number of other Japanese firms, including smaller public companies, have disclosed crypto holdings. For instance, some reports note that AITech Corporation and GMO Internet have engaged in mining or holding crypto (GMO mined Bitcoin and paid out bonuses in BTC to some employees, suggesting it keeps some Bitcoin reserves, though primarily as part of its mining operations). SBI Holdings, a large financial conglomerate deeply involved in crypto exchanges and mining, likely holds some crypto on its balance sheet (SBI has launched crypto asset funds and pays shareholder rewards in XRP, etc., indicating crypto on hand, though exact Bitcoin holdings aren’t publicly detailed). Another example is ULVAC, Inc., which once mentioned using some idle cash in crypto funds (though not a direct BTC purchase, it shows openness to digital assets).
It’s also worth noting that many Japanese companies are indirectly exposed to Bitcoin through investments in crypto businesses or funds, if not holding BTC outright. For example, SoftBank and Recruit have invested in overseas crypto ventures, and Mitsubishi UFJ and other banks are involved in digital asset consortia. These aren’t treasury holdings per se, but they reflect growing corporate involvement in the crypto space.
Public Transparency: Because publicly listed companies must disclose significant investments and financial risks, when a Japanese company buys Bitcoin in a material amount, it often issues a press release or mentions it in securities filings. For example, ANAP’s purchase was announced and explained to shareholders, and Nexon’s buy was disclosed in a press release with rationale. This means you can track corporate Bitcoin adoption through such announcements. The trend is still nascent but building: Japanese firms have historically been cautious, but the improved regulatory clarity (especially the 2024 tax change) has spurred more interest in holding Bitcoin as part of corporate strategy .
By looking at these companies, a few common themes emerge: they view Bitcoin as a hedge against economic uncertainties (low interest rates, potential inflation, yen depreciation), as a diversifier similar to precious metals, and as a bet on future tech/finance trends. They also ensure they have board and shareholder approval for such moves and often limit the allocation to a single-digit percentage of cash reserves (to manage volatility risk).
If you proceed with adding Bitcoin to your company treasury, you’d be among these pioneers. It would be prudent to study how these companies communicated the decision to stakeholders and set up their internal policies. For instance, Nexon’s public statements emphasized that they weren’t speculating for short-term profit but intending to hold long-term to preserve value . Likewise, ANAP framed it as a long-term, board-approved strategy . This kind of positioning can help gain trust from investors, regulators, and the public, showing that the decision is well-considered and in line with corporate governance.
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References:
• Financial Services Agency (Japan), Payment Services Act – definition of “Crypto Asset” and requirement for exchange service registration .
• FSA, Cabinet Office Order (Oct 2022) – allowing trust banks to custody crypto-assets .
• EY Japan Tax Alert Dec 27, 2023 – summary of 2024 tax reforms (exemption of unrealized gains on corporate crypto holdings) .
• CoinDesk (Dec 2023) – report on Japan ending corporate tax on unrealized crypto gains .
• Anderson Mori & Tomotsune law firm – note on 2017 consumption tax exemption for crypto sales .
• Axios (Jan 2023) – overview of Japan’s crypto exchange regulations (security measures like 95% cold storage) .
• BitGo/BusinessWire (Sept 2020) – BitGo’s institutional custody solution meeting FSA security requirements (multi-sig, etc.) .
• Nomura Holdings (Nov 2023) – announcement of Komainu’s expansion in Japan as regulated custodian for institutions .
• Cointelegraph (Apr 2021) – “Japanese gaming giant Nexon invests $100M into Bitcoin” .
• CryptoTimes (Apr 2025) – “ANAP invests ¥10 billion into Bitcoin treasury” .
• Coin World/AInvest (Jun 2025) – report on Remixpoint reaching 1,000 BTC in treasury .
• Cointelegraph (June 2025) – “Metaplanet shares jump after plan to buy Bitcoin (8,888 BTC held currently)” .