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  "raw_markdown_url": "https://finwiki.zksc.io/exchanges/japan-vasp-business-model-competitive-matrix.md",
  "domain": "exchanges",
  "title": "日本 VASP ビジネスモデル競合マトリクス — 39 社の事業セグメント・収益構造・差別化軸比較",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "日本 VASP ビジネスモデル競合マトリクス — 39 社の事業セグメント・収益構造・差別化軸比較",
    "aliases": [
      "Japan VASP business model competitive matrix",
      "日本暗号資産交換業 ビジネスモデル比較",
      "JP VASP segment matrix",
      "bitFlyer Coincheck GMO Coin SBI bitbank competitive grid",
      "JP CEX revenue model comparison",
      "Japan VASP product breadth matrix",
      "JVCEA member business model classification",
      "JP crypto exchange institutional vs retail focus"
    ],
    "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",
      "business-model",
      "benchmark",
      "competitive-analysis",
      "jp-crypto-exchange"
    ],
    "status": "active",
    "canonical_anchor": null,
    "related": [],
    "note": null,
    "sources": [
      "https://www.fsa.go.jp/menkyo/menkyoj/kasoutuka.xlsx",
      "https://www.fsa.go.jp/en/regulated/licensed/en_kasoutuka.pdf",
      "https://jvcea.or.jp/member/",
      "https://www.fsa.go.jp/policy/virtual_currency02/"
    ]
  },
  "summary": "FSA の暗号資産交換業者登録一覧は 2026-06-30 時点で 26 業者を掲載している。本マトリクスの 39 分析行は、この登録母集団だけでなく、暗号資産デリバティブ、電子決済手段、機関向け隣接事業、移行・履歴上の関連 entity を含むため、39 を FSA 登録 VASP 数として読んではならない。各行は (1) 現物販売所 / (2) 現物取引所 / (3) マージン / レバレッジ / (4) 暗号資産デリバ / (5) カストディ / (6) 銘柄上場特化 / (7) ステーキング・レンディング / (8) IEO / (9) 機関向け OTC / (10) リテール販売所",
  "headings": [
    "日本 VASP ビジネスモデル競合マトリクス — 39 社の事業セグメント・収益構造・差別化軸比較",
    "TL;DR",
    "Wiki route",
    "Why this matrix matters",
    "Per-operator sections",
    "A. 独立系老舗 + bitFlyer Holdings 系 (現物 + デリバ主軸)",
    "B. 金融グループ系 (現物 + デリバ + ステーキング 全方位)",
    "C. 海外系日本法人 (グローバル流動性ブリッジ)",
    "D. 機関向け・特殊セグメント (RWA / OTC / デリバ専業)",
    "E. 中小・ニッチ系 (個別深耕)"
  ],
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      "exchanges/INDEX",
      "exchanges/cex-matching-engine-wallet-architecture",
      "exchanges/cex-native-token-strategy-comparison",
      "exchanges/crypto-custody-provider-landscape-matrix",
      "exchanges/dmm-bitcoin-lazarus-hack-detailed-analysis",
      "exchanges/global-cex-top10-comparison",
      "exchanges/global-vasp-regulatory-comparison-matrix",
      "exchanges/japan-stablecoin-issuer-regulatory-classification-matrix",
      "exchanges/jp-crypto-exchange-overview",
      "exchanges/jp-custody-komainu",
      "exchanges/jp-exchange-backseat-exchange",
      "exchanges/jp-exchange-bi-fxtrade",
      "exchanges/jp-exchange-binance-japan",
      "exchanges/jp-exchange-bitbank",
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      "exchanges/jp-exchange-coinbase-japan",
      "exchanges/jp-exchange-coincheck",
      "exchanges/jp-exchange-coinhub",
      "exchanges/jp-exchange-crypto-garage",
      "exchanges/jp-exchange-custodiem",
      "exchanges/jp-exchange-digital-asset-markets",
      "exchanges/jp-exchange-dmm-bitcoin",
      "exchanges/jp-exchange-dmm-com-securities",
      "exchanges/jp-exchange-finx-jcrypto",
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      "exchanges/jp-exchange-line-xenesis",
      "exchanges/jp-exchange-mercoin",
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      "https://finwiki.zksc.io/ja/exchanges/dmm-bitcoin-lazarus-hack-detailed-analysis/",
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      "https://finwiki.zksc.io/ja/exchanges/jp-exchange-coincheck/",
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      "https://finwiki.zksc.io/ja/exchanges/jp-exchange-dmm-com-securities/",
      "https://finwiki.zksc.io/ja/exchanges/jp-exchange-finx-jcrypto/",
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      "https://finwiki.zksc.io/ja/exchanges/jp-exchange-zaif/",
      "https://finwiki.zksc.io/ja/exchanges/jp-vasp-incident-history/",
      "https://finwiki.zksc.io/ja/exchanges/jp-vasp-ma-consolidation-history/",
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      "https://finwiki.zksc.io/ja/exchanges/jvcea-whitelist-token-listing/",
      "https://finwiki.zksc.io/ja/fintech/japan-epi-four-camps-comparison/",
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