JAPAN Law and Practice Contributed by: Keisuke Hatano, Takeshi Nagase, Takato Fuki and Tomoaki Katayama, Anderson Mori & Tomotsune
HOTEL,” a service selling fractional ownership rights in vacation homes as NFTs. The issuance and sale of tokens representing rights to various RWAs (RWA Tokens) in Japan is expected to continue in the fore- seeable future. There is, however, no specific definition or regulatory framework for RWA Tokens under Japanese law. As a result, their legal nature must be determined on a case-by-case basis according to the functions and purposes of the RWA Token in question.
Against this backdrop and given the existing issues surrounding the legal nature of RWA Tokens, efforts have been made to provide greater legal certainty. More specifically, in the FY2023 Supplementary Budget Project “Demonstration Project for Building Digital Public Goods Utilising Web3.0 and Block- chain”, implemented by the Social Implementation Promotion Centre under the Ministry of Economy, Trade and Industry (METI), “The Guidelines for Utilis- ing RWA Tokens” were published in February 2025 for the purpose of clarifying the legal issues related to RWA Tokens.
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