Introduction of Insider Regulations for Cryptocurrencies, Aiming for Market Maturity: Proposals Including IEO Investment Caps | Financial Council

The Financial Council's report on cryptocurrency regulations, published on December 10, 2025, indicates a policy shift from the Payment Services Act to the Financial Instruments and Exchange Act (FIEA) as the legal basis for cryptocurrency regulation. This move reflects the growing use of cryptocurrencies as investment vehicles and aims to significantly strengthen investor protection. However, since cryptocurrencies do not represent legal rights such as dividends or interest like traditional securities, they will be classified under the FIEA as a new type of financial instrument, distinct from securities. The regulatory scope will maintain the definition of 'cryptocurrency' as currently defined under the Payment Services Act, primarily used in digital content such as games and art, including NFTs (Non-Fungible Tokens).