BlockBeats News, October 15th: The Japanese financial regulator is preparing to crack down on cryptocurrency insider trading. The Nikkei reported on Wednesday that the Japanese Financial Services Agency plans to submit an amendment to clearly prohibit trading based on non-public information, with offenders facing economic penalties proportionate to their ill-gotten gains. This amendment will empower the Securities and Exchange Surveillance Commission to investigate suspicious cases and recommend imposing fines or criminal referrals. The Financial Services Agency plans to finalize the regulatory details by the end of the year and aims to submit them at next year’s parliamentary session.
Currently, Japan’s Financial Instruments and Exchange Act does not cover cryptocurrency in terms of insider trading, with regulation mainly relying on self-regulation by cryptocurrency companies and industry associations.
