The FSA plans to amend the Financial Instruments and Exchange Act, which would bring cryptocurrencies under insider trading rules similar to those governing stocks. However, it remains unclear how the regulations will differentiate between widely traded cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) and speculative, high-risk tokens such as memecoins.

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If approved, crypto companies operating in Japan would be required to register with the FSA. Additionally, it is uncertain how these rules will apply to overseas entities conducting business in Japan.

This move aligns with Japan’s recent pro-crypto stance. Last month, Circle’s USDC stablecoin was approved for use in Japan, and SBI VC Trade became the first company to receive a license for handling stablecoin transactions. Furthermore, Japan is also working on lowering the capital gains tax on crypto earnings from 55% to 20%.

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The FSA has targeted five exchanges, including Dubai-based Bybit Fintech, Singapore-based MEXC Global, LBank Exchange, Seychelles-based KuCoin, and Singapore-based Bitget. On February 6, Apple removed these apps from the App Store, preventing Japanese users from downloading them.

Japan’s Cautious Approach to Crypto

Japan has adopted one of the most cautious stances towards cryptocurrencies among Asian markets. While Hong Kong has approved the first spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs), Japanese regulators remain wary of the volatility and risks associated with crypto ETFs.

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The FSA’s action should not be seen as a crackdown on retail crypto investment. Anndy Lian told Cointelegraph, “This isn’t about shutting down crypto investing. It’s about saying, ‘If you want to operate in our market, you must play by our rules.'”

New Tax Reform and Investor Protection

This regulatory move comes after the announcement of a new tax reform for 2025, which will treat crypto assets like traditional financial assets.

Lian emphasized that Japan’s regulatory approach is not an attack on crypto but a measure for investor protection and accountability. He pointed out that after the Mt. Gox hack in 2014, which caused massive losses, Japan has focused on tightening regulations to prevent such incidents. The Mt. Gox collapse resulted in a loss of $9.4 billion for over 127,000 investors.

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