Gate News: On March 16, the Financial Services Agency (FSA) in Japan plans to strengthen penalties and regulations for unregistered cryptocurrency operators. The proposed plan aims to transfer regulations related to crypto assets from the Fund Settlement Act to the Financial Instruments and Exchange Act to enhance investor protection. For operators selling crypto assets without registration, criminal penalties are proposed to be increased from the current “up to 3 years imprisonment or a fine of up to 3 million yen” to “up to 10 years imprisonment or a fine of up to 10 million yen (or both).” Additionally, the Securities and Exchange Surveillance Commission will be granted authority to conduct mandatory on-site inspections and evidence seizures for criminal investigations. The legal name of registered operators is proposed to change from “cryptocurrency exchange operator” to “cryptocurrency trading operator.” This move is in response to the increasing disputes related to highly speculative Meme tokens.
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