Japan's Financial Services Agency (FSA) has disclosed the legislative framework for migrating cryptocurrencies to the Financial Instruments and Exchange Act.

CoinFeed reported on April 23 that, according to CoinPost, Shigeru Shimizu, head of the Risk Analysis Division of the Japanese Financial Services Agency (FSA), stated at the 9th BCCC Collaborative Day that the FSA has submitted a bill to a special session of the Diet to transfer the regulatory framework of virtual currencies from the Funds Settlement Act to the Financial Instruments and Exchange Act (FIE) to strengthen user protection. Key points of the bill include: regulating information disclosure based on whether issuers comply with regulations; establishing a new category for "crypto asset trading businesses" and strengthening the regulation of these businesses; increasing penalties for unregistered businesses and strengthening the oversight by securities regulatory commissions; improving insider trading regulations; and expanding the scope of administrative fines.