March 4 News: The Japanese political scene has recently been embroiled in a cryptocurrency controversy. A meme coin named after Japanese Prime Minister Sanae Takaichi was quickly devalued after she publicly denied any association, dropping by 58% within hours. Japanese regulators then launched an investigation, bringing the compliance issues of political figures’ crypto projects back into market focus.
It is understood that this project, called “Sanae Token,” was launched on the blockchain network on February 25. The project is promoted by NoBorder DAO, a community led by serial entrepreneur Yuji Mizoguchi, and is described as part of a “Japan Return Plan.” The project website displays Sanae Takaichi’s name and cartoon image, sparking speculation that the token may have political backing.
Previously, Yuji Mizoguchi stated on the YouTube program “REAL VALUE” that his team had communication with Sanae Takaichi’s camp, further fueling market speculation of political endorsement. However, on March 2, Sanae Takaichi posted on social media to clarify that she and her team had no knowledge of the crypto project and had never authorized any organization to issue related tokens. The post received over 63 million views in a short time.
Following the statement, the market reacted swiftly. The token’s price plummeted from about $0.0137 to $0.0058, a nearly 60% drop. As of March 4, the project’s market cap was only about $62,000, with the liquidity pool shrinking to around $25,000, and funds rapidly leaving.
Meanwhile, Japan’s Financial Services Agency has initiated an investigation. The regulator stated that the project’s issuer may not have obtained a legal license for crypto asset business. Under Japan’s Payment Services Act, any business involved in the sale or exchange of crypto assets must register with regulators, or face up to five years in prison or a fine of 5 million yen.
A company called neu later publicly admitted involvement in the token’s design. Its CEO, Ken Matsui, issued an apology on March 3, stating that the project operations were managed by his team and apologizing for the impact caused. Yuji Mizoguchi also reposted the statement, expressing willingness to cooperate with media and regulatory investigations and promising to take responsibility.
However, Mizoguchi’s earlier public statements denying any connection with the Prime Minister’s team still conflict with his previous claims. As meme coins related to political figures continue to emerge, the legal boundaries and investment risks of such projects are increasingly attracting regulatory attention.
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