Domestic-facing Staking-as-a-Service (StaaS) operator layer

Wiki route

This entry sits under exchanges index. Read it against Japan Institutional Custody Three-Pillar Structure — Komainu / Ginco / Fireblocks Japan Comparison for peer / contrast context and JVCEA: Overview of the Self-Regulatory Framework for the broader system / regulatory boundary.

Overview

The Staking-as-a-Service (StaaS) market, in which validator operation for PoS-based chains (Ethereum / Solana / Cardano / Polkadot / Cosmos / Tezos / Avalanche, etc.) is outsourced to specialist companies, has grown rapidly in the institutional-investor segment since the Ethereum The Merge (2022-09). Domestically, a two-layer structure exists: retail services from domestic VASPs and B2B provision for institutions from overseas StaaS operators. The FSA’s operational interpretation treats “delegated staking by a custodian = within the scope of crypto-asset exchange business,” so retail-facing delegated staking is limited to holders of a VASP license.

Retail staking services from domestic VASPs

Each domestic FSA-registered VASP offers this to its own custody customers:

bitFlyer (formerly SBI VC Trade lineage) — distributes staking rewards for ETH / SOL / DOT, etc. to customers (see the official “staking” page)
GMO Coin, Inc. — Japan crypto-asset exchange operator overview — progressively expands the eligible currencies such as DOT / TEZ / XTZ / ATOM
SBI VC Trade — broad coverage including ETH / SOL / DOT / ADA / ATOM
Coincheck — offers both lending and staking
bitbank — offers XTZ / DOT, etc.
BitTrade (HUOBI lineage) — domestic rollout of global HUOBI’s staking products

Reward rates run at roughly 1-10% per annum depending on the currency, distributed to customers after deduction of the VASP’s fee. Its legal character is equivalent to a “loan / deposit of crypto assets,” a scheme in which rewards are later returned in proportion to the quantity deposited.

Japan-facing B2B provision from overseas StaaS operators

Institutional-facing StaaS is dominated by overseas specialist operators. With no domestic legal entity present, domestic institutions access it via an overseas contract + KYC + Travel Rule:

Kiln (formerly SkillZ, Paris-based 2018-) — institutional-grade non-custodial StaaS. B2B API + dashboard. Partners with Komainu; 100+ integrations including Crypto.com, Ledger Live, Stakewise
Figment (Canada, Toronto 2018-) — deeply integrated with North American institutional custodians such as Coinbase Custody, Anchorage Digital, and BitGo. Multi-chain support (40+ chains)
Allnodes / Stakefish / Chorus One / P2P.org / Blockdaemon — each independent, mixing institutional + retail
Coinbase Cloud (formerly Bison Trails) — global institutional-facing, integrated with Coinbase-lineage products
Lido (DAO-based) — decentralized Liquid Staking protocol. Started the institutional-facing Lido Institutional (DSL) stream in 2024

Usage patterns of domestic institutions

Typical routes when a domestic institution (life insurer / trust / FoF) takes ETH staking exposure:

Komainu (Nomura HD + CoinShares + Ledger JV) + Kiln — direct validator + reporting provided as a package
Fireblocks Japan + overseas validator (Figment / Chorus One) — non-custodial delegation via a Fireblocks MPC wallet
Domestic VASP institutional OTC + staking combination — via Domestic crypto-asset market maker / OTC desk industry overview

Regulatory issues

Payment Services Act: delegated staking = management business of crypto assets → VASP registration required (FSA operational interpretation)
Securities status under the FIEA: the securities status of Lido stETH / liquid staking tokens (LST) is not yet determined
Tax: staking rewards = taxed at market value at the time of receipt (individuals = miscellaneous income, corporations = gross profit) → Domestic crypto-asset taxation detail — miscellaneous income vs separate self-assessment + individual vs corporate
Accounting: JICPA industry-committee practical guidelines (reward-recognition timing, book value) remain under ongoing discussion
AML / Travel Rule: interpretation of the scope of Domestic VASP Act on Prevention of Transfer of Criminal Proceeds + FATF Travel Rule Domestic Implementation (2023-)
JVCEA rules: JVCEA applies caps on lending transactions including staking under its “rules on the lending of crypto assets”

Liquid Staking Tokens (LST) and domestic handling

LSTs such as stETH (Lido) / rETH (Rocket Pool) / cbETH (Coinbase) are still only limitedly listed on the domestic JVCEA WhiteList. Direct ETH + domestic VASP delegated staking is the mainstream. Whether LSTs can be handled domestically going forward depends on the progress of regulation + the JVCEA WhiteList.