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  "domain": "exchanges",
  "title": "Japan CEX parent FG adjacency matrix",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "Japan CEX parent FG adjacency matrix — operator by group ecosystem cross-link",
    "aliases": [
      "exchanges/japan-cex-parent-fg-adjacency-matrix",
      "japan-cex-parent-fg-adjacency-matrix",
      "Japan CEX parent financial group adjacency",
      "JP crypto exchange parent FG ecosystem map",
      "日本 CEX 親会社 FG 隣接マトリクス",
      "JVCEA member parent-group cross-service matrix"
    ],
    "domain": "exchanges",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-29",
    "last_tended": "2026-07-29",
    "review_by": "2027-01-29",
    "confidence": "likely",
    "tags": [
      "exchanges",
      "matrix",
      "vasp",
      "parent-company",
      "japan",
      "fg-adjacency",
      "group-strategy"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://www.fsa.go.jp/menkyo/menkyoj/kasoutuka.xlsx",
      "https://jvcea.or.jp/member/",
      "https://www.sbigroup.co.jp/",
      "https://www.gmo.jp/",
      "https://www.monexgroup.jp/",
      "https://corp.rakuten.co.jp/",
      "https://about.mercari.com/",
      "https://www.nomuraholdings.com/",
      "https://www.daiwa-grp.jp/",
      "https://www.dmm.com/",
      "https://corporate.bitflyer.com/",
      "https://www.laserdigital.com/japan/en/information/about-laser-digital-japan",
      "https://jvcea.or.jp/information/admission-info/20250919-001/",
      "https://cryptogarage.co.jp/en/about/"
    ]
  },
  "summary": "A Japanese 暗号資産交換業者 (FSA-registered VASP) is rarely a standalone business — it is almost always a node inside a parent financial group (FG) that already runs securities, banking, payments, points, remittance, insurance, or e-commerce. The FG-adjacency dimension is what determines (a) funding cost fo",
  "headings": [
    "Japan CEX parent FG adjacency matrix",
    "TL;DR",
    "Wiki route",
    "Why this matrix matters",
    "Per-operator profiles",
    "SBI VC Trade — SBI HD (8473)",
    "GMO Coin — GMO Financial HD (7177) / GMO Internet Group (9449)",
    "bitFlyer — independent (no listed parent)",
    "Coincheck — Monex Group (8698) / Coincheck Group N.V. (NASDAQ:CNCK)",
    "Rakuten Wallet — Rakuten Group (4755) / Rakuten FG"
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