[Japan's Financial Regulator Seeks Public Opinion on Digital Payments and Cryptocurrency Regulation] According to Cryptobriefing, Japan's Financial Services Agency (FSA) has initiated a public consultation on draft implementation guidelines related to cryptocurrencies, electronic payment instruments, and financial institutions. The draft outlines specific execution requirements following the 2025 revision of the Payment Services Act, including updates to official notices, administrative guidelines, and regulatory rules. The draft covers multiple areas, such as the designation of new bonds as backing assets, the regulatory framework for electronic payment instruments and crypto-related intermediary services, and updated regulatory guidelines for financial institutions and their subsidiaries. The consultation will conclude on February 27, 2026, after which the regulations will take effect following the completion of necessary procedures. The results of the consultation will be announced separately. It is reported that the FSA is planning a comprehensive overhaul of the regulatory framework, aiming to launch the country's first spot crypto ETFs by 2028. The roadmap includes reclassifying cryptocurrencies as 'specified assets' under the Investment Trust Act, promoting the reduction of the capital gains tax on cryptocurrencies from a maximum of 55% to a flat 20%, and allowing time to strengthen custody and investor protection standards.