The Financial Services Agency (FSA) in Japan is reportedly in closed talks with experts to crack down on Bitcoin and cryptocurrency in the country. The discussions are focused on reining in unregistered peer-to-peer use and potentially amending the legal system regarding virtual assets. The proposed regulations include stiffer penalties for unregistered use and requirements for crypto asset issuers to disclose details of their business operations and stocks. While some investors hope that these regulations will lead to tax relief, others are concerned about the potential impact on the freedom and trustworthiness of cryptocurrencies. The FSA plans to make a decision on the matter by fiscal 2024 and work with the Financial System Council in 2025 if stronger regulations are deemed necessary.



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