The Japanese government is considering shifting cryptocurrency from the Payment Services Act to regulation under the Financial Instruments and Exchange Act (FIEA). The proposal presented by the Financial Services Agency (FSA) on September 2 aims to enhance investor protection, treating cryptocurrencies as securities, and requiring exchanges and issuers to comply with stricter regulations. The FSA believes this will help prevent violations, increase transparency, while eliminating legal overlaps, but still keeping the role of cryptocurrency in payments.
However, some experts express skepticism. Professor Naoyuki Iwashita from Kyoto University believes that classifying Bitcoin or Ethereum under FIEA is not significantly different, but expanding it to include all digital assets is risky. He cites the IEOs in Japan, where many tokens lost over 90% of their value, becoming “almost worthless,” so considering them as securities for public investment is “unacceptable.”
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