Japan dey propose make dem comot many crypto tokens from payments regulation put am for securities regulation

Japan Financial Services Agency (FSA) don propose make dem shift regulation of plenty crypto assets from Payment Services Act (PSA) go Financial Instruments and Exchange Act (FIEA), because dem talk say many crypto trades dey similar to investment-type securities activity. For the draft, tokens wey dey trade for domestic exchanges go follow rules like securities: pre-sale disclosures, clear issuer identity and issuance/allocation (including for decentralized projects), independent third-party code audits, stronger custody standards, and explicit ban on insider trading with criminal and surcharge penalties. NFTs wey be collectibles and stablecoins wey mainly dey used for payments go remain under PSA. The proposal dey focus on investor protection and tools to clamp down on unregistered or offshore platforms but e still try make sure no too heavy burden for business. FSA no completely redefine all digital assets as securities and e allow separate category under FIEA for some tokens. The agency still mention fiscal and market considerations — including possible tax changes — and talk say dem go continue to refine rules as market develop. Traders suppose watch the timing of legislative steps, how enforcement go apply to exchanges and issuers, custody and disclosure requirements wey fit raise compliance costs, and tax changes wey fit affect onshore liquidity and trading flows.