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.
Summary
- Japan’s parliament passed crypto-market legislation July 15, but regulators approved no Shiba Inu exchange-traded fund.
- The amended framework moves crypto oversight toward FIEA rules covering disclosures, trading conduct and intermediaries.
- Japan promulgated the legislation July 23, with detailed implementation rules still requiring regulatory development afterward.
- JVCEA’s Green List includes SHIB, which nine member exchanges handled as of September 1, 2026.
- Mercari added SHIB trading through Coincheck on June 8, expanding access inside its mobile application.
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.
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.
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