Japan Proposes Crypto Reform Bill to Strengthen Regulations

Japan's Financial Services Agency has introduced a crypto reform bill to parliament, aiming to reclassify digital assets as financial instruments. According to NS3.AI, the proposed legislation seeks to increase the maximum prison term for unlicensed crypto sales to 10 years. Additionally, fines would be raised from ¥3 million to ¥10 million, and the Securities and Exchange Surveillance Commission would be granted criminal investigation powers over crypto operators. Weekly Bunshun reported that developer Ken Matsui stated his team informed Sanae Takaichi's office that SANAE TOKEN was a crypto asset.