TechFlow News, March 3: According to a report by Coinpost, Japan’s Financial Services Agency (FSA) is considering launching an investigation into the operators behind the “SANAE TOKEN.” Under Japan’s Act on Settlement of Funds, issuing virtual currencies requires registration as a cryptocurrency exchange business; however, it remains unconfirmed whether the entities involved in issuing this token have completed such registration. Given that the token uses the name of Japan’s current Prime Minister, Shigeru Ishiba, and has attracted significant public attention, the FSA may conduct fact-finding to determine whether the token was issued without proper registration.
According to reports, the “SANAE TOKEN” was announced on February 25 by the official YouTube channel “NoBorder,” described as an incentive token for a project aimed at reforming democratic institutions. Although the issuer claims to have completed all necessary legal preparations and asserts no illegality, criticism has emerged both within and outside the industry due to the use of Prime Minister Ishiba’s name and illustrations on the project’s website—and implications that he endorsed the token.
Earlier, on March 2, Prime Minister Ishiba posted on the social media platform X denying any association with the token, and his office issued a statement confirming, “No approval has been granted.”
