Reflections on the Tokenisation of Japanese Shares
In Japan, too, the tokenisation of shares using blockchain technology is becoming a reality. Progmat aims to launch its service during 2026, whilst SBI Holdings has announced the development of a platform enabling trading 24 hours a day, 365 days a year. Globally, the trend is gathering pace, with Solana handling over 430 tokenised shares and Binance also moving forward with the tokenisation of US shares.
However, there are concerns that Japan may be left behind by overseas ecosystems, hampered by regulatory delays, the need to ensure compatibility with existing securities custody systems, and an over-reliance on proprietary technology. Whilst amendments to the Financial Instruments and Exchange Act are progressing, there are still many issues to be resolved before practical implementation, and the dual management system with the Japan Securities Depository Centre remains a challenge to be addressed. Furthermore, the deep-rooted preference among domestic companies for home-grown platforms is creating a divergence from international standards, resulting in a situation where it remains difficult to utilise global liquidity.
These challenges can be overcome by utilising international blockchain technologies. Proven platforms such as Solana and the BNB Chain offer high-speed processing and low fees, providing an environment that is accessible to investors worldwide. Enabling small-value transactions will lower the barriers to entry for retail investors, whilst also facilitating the automation of dividend payments and the digitisation of voting rights through smart contracts. According to Binance Research, the tokenisation of shares has the potential to attract approximately 300 million new investors and around $2 trillion in capital by 2031.
Tokenisation is not speculation; it is a means of enhancing market transparency and fairness. It is imperative to proceed swiftly with regulatory reforms and tax system revisions whilst preventing misuse. Many of the concerns expressed on social media are based on misconceptions; it is essential to correctly understand that the value of the underlying companies—the underlying assets—remains unchanged.
Whether Japan rides this global wave depends on developments in 2026. Will Japan persist with its own independent path, or will it adopt open international standards? That choice will determine the future of Japan’s capital markets.
