According to reports, Japan's securities regulatory agency is set to introduce regulations that prohibit and penalize insider trading in cryptocurrencies, making it more aligned with the country's regulatory framework for stock trading.
Nikkei Asia reported on Tuesday that the Japan Securities and Exchange Surveillance Commission (SESC) will be authorized to investigate suspicious trading activities and impose fines based on the amount of profit gained by violators from insider trading.
The regulatory agency will also initiate criminal proceedings in the face of more severe cases.
Currently, there are no insider trading rules covering cryptocurrencies under the Financial Instruments and Exchange Act, and the self-regulatory Japan Virtual and Crypto Assets Exchange Association lacks an effective system to monitor suspicious trading, highlighting the urgent need for a stronger regulatory framework in the cryptocurrency market.
The Financial Services Agency (FSA), the supervisory body of the SESC, will discuss the regulatory framework in detail through a working group by the end of 2025, aiming to submit an amendment to the FIEA next year.
Nikkei Asia reported that Japan's regulatory experience in handling cryptocurrency insider trading cases is relatively limited, partly because many tokens lack identifiable issuers, making it difficult to determine who meets the criteria for being classified as an insider.
This push for reasonable cryptocurrency regulation comes against the backdrop of a fourfold increase in the number of local cryptocurrency users in Japan over the past five years, reaching 7.88 million (approximately 6.3% of Japan's population).
Sanae Takaichi, a likely candidate to become Japan's next Prime Minister, is expected to bring new political momentum to risk assets, including cryptocurrencies, while maintaining Japan's strict regulatory standards.
Her leadership style will introduce a more open attitude towards technological innovation experiments, as she has explicitly expressed support for the concept of "technological sovereignty" and further development of digital infrastructure, including blockchain technology.
Takaichi also supports lowering interest rates, tax cuts, and implementing more accommodative monetary policies, which could encourage more capital to flow into Japan's cryptocurrency industry.
In early September, the FSA sought to incorporate cryptocurrency regulation into the FIEA, moving it from the Payment Services Act to enhance investor protection and align cryptocurrencies with securities laws.
The FSA pointed out that this move could address common investment issues in the cryptocurrency market, including inaccurate information disclosure, unregistered operations, fraudulent activities, and security risks associated with cryptocurrency exchanges.
Related: Metaplanet's enterprise value has fallen below its Bitcoin (BTC) holdings.
Original: “Japan is drafting new rules to combat cryptocurrency insider trading”
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