Japanese financial regulator proposes to include cryptocurrencies in securities laws

According to Shenchao TechFlow, the Japan Financial Services Bureau recommended transferring cryptocurrency regulation from the Payment Services Act to the framework of the Financial Commodity Exchange Act to strengthen investor protection. The report pointed out that Japan already has more than 12 million cryptocurrency accounts, and the total user deposits reach 5 trillion yen. If the new regulations are implemented, cryptocurrency issuing parties will face stricter information disclosure requirements and intermediary services will also be subject to stricter supervision. The proposal is currently an internal briefing document and is yet to be finalized by the Financial Systems Commission and the Government.