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Japan's Financial Services Agency Plans to Crack Down on Unregistered Crypto Sales, Proposing Maximum Sentence of 10 Years
Summary: According to reports from Nikkei, Japan's Financial Services Agency (FSA) is planning to strengthen penalties and regulations for unregistered cryptocurrency businesses. The plan includes moving regulations related to crypto assets from the 'Payment Services Act' to the 'Financial Instruments and Exchange Act' to enhance investor protection. For businesses selling crypto assets without registration, the proposed ...
According to reports from Nikkei, Japan's Financial Services Agency (FSA) is planning to strengthen penalties and regulations for unregistered cryptocurrency businesses. The plan includes moving regulations related to crypto assets from the 'Payment Services Act' to the 'Financial Instruments and Exchange Act' to enhance investor protection. For businesses selling crypto assets without registration, the proposed criminal penalties would increase from the current 'up to 3 years in prison or a fine of up to 3 million yen' to 'up to 10 years in prison or a fine of up to 10 million yen (or both)'. Additionally, the Securities and Exchange Surveillance Commission will be authorized to conduct on-site inspections and evidence seizures for criminal investigations. The legal name for registered businesses is proposed to change from 'cryptocurrency exchange operators' to 'cryptocurrency trading operators'. This move comes amid increasing disputes related to highly speculative meme tokens.
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Link: Japan's Financial Services Agency Plans to Crack Down on Unregistered Crypto Sales, Proposing Maximum Sentence of 10 Years [Copy]
