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The Financial Services Agency of Japan may investigate whether the issuance of "SANAE TOKEN" is illegal
According to Coinpost, the Financial Services Agency of Japan is considering investigating the operators related to "SANAE TOKEN." According to Japan's Fund Settlement Act, issuing virtual currencies requires obtaining a registration license for cryptocurrency trading businesses, but it has not yet been confirmed whether the companies involved in the token issuance have completed the registration. Since the token uses the name of the current Prime Minister, it has a significant social impact, and the Financial Services Agency may conduct fact-checking regarding the suspicion of unregistered issuance.
Reports indicate that "SANAE TOKEN" was announced for issuance on February 25 by the official account of the YouTube channel "NoBorder," described as an incentive token aimed at updating the democratic system project. Although the issuer claims to have completed legal arrangements and that there is no illegality, the use of the name and illustrations of the current Prime Minister Sanae Takaichi on the website, along with implications of obtaining her approval, has sparked criticism both inside and outside the industry.
Previously, Prime Minister Takaichi posted on social media platform X on March 2, denying any association with the token, and the Prime Minister's office also issued a statement saying that "no approval has been granted."
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