Crypto: Japan Pm Takaichi Disavows ��sanae Token’ After Memecoin Hits $28m...

Japanese PM Sanae Takaichi said she had no knowledge of the token, as Kyodo reported the FSA was considering whether unregistered operators were involved.

A cryptocurrency using the name of Japanese Prime Minister Sanae Takaichi briefly surged to a market value of about $27.7 million before sliding sharply after Takaichi publicly denied any connection to the token.

In a statement posted on X, Takaichi said she had no knowledge of the “Sanae Token,” adding that neither she nor her office had granted any approval related to it. She said the clarification was issued to prevent public misunderstanding.

“Due to the name, it seems there are various misunderstandings, but regarding this token, I have absolutely no knowledge of it, nor has my office been informed about what this token entails,” she wrote.

According to crypto data tracker Gmgn, the Solana-based crypto token briefly reached a market capitalization of $27.7 million on Feb. 25. Following Takaichi’s denial, its price and market cap declined sharply. At the time of writing, the token’s market capitalization stood at about $7 million.

Japan’s Financial Services Agency (FSA) is reportedly considering investigating parties involved in the token’s issuance.

According to Kyodo News on Tuesday, the regulator is weighing a probe into related operators to confirm the relevant facts. The FSA has not publicly announced a formal investigation.

Related: Bank of Japan testing blockchain settlement for bank deposits in new sandbox

The report said the company involved may lack the registration required to issue crypto assets in Japan.

Under Japan’s Payment Services Act, crypto asset exchange service providers must register with the FSA. Operating without proper registration can draw regulatory scrutiny, particularly where consumer protection concerns arise.

Source: CoinTelegraph