Financial Instruments and Exchange Act

A person set forth in the following items (hereinafter referred to as a "person concerned with a specified cryptoasset issuer" in this Article) who has come to know a material fact concerning specified cryptoassets, etc. pertaining to a specified cryptoasset issuer as provided for in each of those items must not, until after the material fact concerning the specified cryptoassets, etc. has been publicized, conduct a purchase and sale or other provision or transfer, or acquisition or receipt, for value, a succession through a merger or company split (meaning to have another succeed, or to succeed, through a merger or company split), or a derivatives transaction (hereinafter referred to as "purchase and sale, etc." in this Article, the following Article, Article 171-10, paragraphs (1) and (2), Article 175-3, paragraphs (1), (2), and (12) through (15), Article 175-4, paragraphs (1) and (2), Article 178, paragraphs (47) and (48), and Article 197-2, paragraph (1), items (xvii) and (xviii)) relating to the specified cryptoasset pertaining to the material fact concerning the specified cryptoassets, etc. (limited to one handled in services for purchase and sale, etc. of cryptoassets by a financial instruments business operator (limited to a person that conducts services for purchase and sale, etc. of cryptoassets; hereinafter the same applies in this Article through Article 171-9, Article 171-15, paragraph (2), Article 175-3, paragraph (13), and Article 175-4, paragraph (20)) (including one for which the body that decides on the business execution of the financial instruments business operator has decided to commence such handling); hereinafter referred to as "subject specified cryptoassets" in this paragraph and paragraph (6), items (i) and (x)) or relating to a security set forth in Article 2, paragraph (1), item (xix) that represents an option relating to those subject specified cryptoassets or any other security or cryptoasset specified by Cabinet Order as related to those subject specified cryptoassets (hereinafter referred to as "subject specified cryptoassets, etc." in paragraph (3), paragraph (6), items (ii) through (x), Article 171-10, paragraph (1), Article 175-3, paragraphs (1), (12), and (14), Article 175-4, paragraphs (1), (7), and (9), Article 175-5, Article 178, paragraph (47), Article 185-7, paragraphs (22) and (25), and Article 197-2, paragraph (1), item (xvii)). The same applies to a person concerned with a specified cryptoasset issuer who has come to know a material fact concerning the specified cryptoassets, etc. pertaining to that specified cryptoasset issuer as provided for in the following items, and who is within one year after ceasing to be a person concerned with a specified cryptoasset issuer set forth in each of those items.

the officer, etc. of the specified cryptoasset issuer (including its parent company, if the specified cryptoasset issuer is a corporation; hereinafter the same applies in this paragraph) (or, if the specified cryptoasset issuer is a person other than a corporation, its agent or employee):coming to know the material fact related to the person's duties;

a shareholder of the specified cryptoasset issuer that has the right prescribed in Article 433, paragraph (1) of the Companies Act (including a person specified by Cabinet Order as having a right similar to such a right), or a member of the specified cryptoasset issuer that has the right prescribed in Article 433, paragraph (3) of that Act (including a person specified by Cabinet Order as having a right similar to such a right) (including the officer, etc. of such a shareholder or member, if such a shareholder or member is a corporation, and the agent or employee of such a shareholder or member, if such a shareholder or member is a person other than a corporation):coming to know the material fact related to the exercise of that right;

a person that has statutory authority over the specified cryptoasset issuer:coming to know the material fact related to the exercise of that authority;

a person other than an officer, etc. of the specified cryptoasset issuer (or, if the specified cryptoasset issuer is a person other than a corporation, its agent or employee), that has concluded, or is in negotiations to conclude, a contract with the specified cryptoasset issuer (including an officer, etc. of that person if that person is a corporation, and an agent or employee of that person if that person is a person other than a corporation):coming to know the material fact in the conclusion, negotiation, or implementation of the contract; and

the officer, etc. of a person set forth in item (ii) or the preceding item that is a corporation (limited to the officer, etc. of a corporation when another officer, etc. of the corporation comes to know the material fact concerning the specified cryptoassets, etc. pertaining to the specified cryptoasset issuer pursuant to item (ii) or the preceding item, respectively):coming to know the material fact related to the person's duties.

The material fact concerning specified cryptoassets, etc. prescribed in the preceding paragraph means any of the following facts (for the facts set forth in items (i) and (ii), this excludes a fact that falls under the criteria specified by Cabinet Office Order as having only a minor influence on investors' investment decisions):

the body that decides on the business execution of the specified cryptoasset issuer has decided to perform any of the following matters, or has decided not to perform a matter that was subject to the decision (limited to a decision that has been publicized):

a change in the technical specifications of the specified cryptoasset pertaining to the specified cryptoasset issuer;

an offer to provide a newly issued specified cryptoasset pertaining to the specified cryptoasset issuer or the solicitation of an offer to acquire it; an offer to transfer an already issued specified cryptoasset or the solicitation of an offer to receive its transfer; or an offer to provide a right that, when exercised against the specified cryptoasset issuer, enables the holder to be provided with or receive the transfer of the specified cryptoasset, or the solicitation of an offer to acquire such a right;

the commencement, suspension, or termination of the provision of services related to the specified cryptoasset pertaining to the specified cryptoasset issuer;

a business alliance relating to the specified cryptoasset pertaining to the specified cryptoasset issuer, or the dissolution of such an alliance;

discontinuation of the services relating to the maintenance of the technical specifications of the specified cryptoasset pertaining to the relevant specified cryptoasset issuer;

dissolution of the relevant specified cryptoasset issuer (excluding dissolution due to a merger);

matters specified by Cabinet Order as equivalent to the matters set forth in (a) through (f).

the occurrence of any of the following facts with regard to the relevant specified cryptoasset issuer:

damage arising from a disaster, or damage arising in the course of performing operations, with regard to the specified cryptoasset pertaining to the relevant specified cryptoasset issuer or the operations pertaining thereto;

a decision by the body that decides on the business execution of a financial instruments business operator to commence the handling of the specified cryptoasset pertaining to the relevant specified cryptoasset issuer in its services for purchase and sale, etc. of cryptoassets, or approval of the listing of options pertaining to that specified cryptoasset;

a decision by the body that decides on the business execution of a financial instruments business operator to cease the handling of the specified cryptoasset pertaining to the relevant specified cryptoasset issuer in its services for purchase and sale, etc. of cryptoassets, or facts constituting the cause for the delisting of options pertaining to that specified cryptoasset;

a decision by a partner to commence, suspend or terminate the provision of services related to the specified cryptoasset pertaining to the relevant specified cryptoasset issuer;

facts specified by Cabinet Order as equivalent to the facts set forth in (a) through (d).

beyond the facts set forth in the preceding two items, material facts concerning the specified cryptoasset pertaining to the relevant specified cryptoasset issuer or the operations pertaining thereto that have a significant influence on investors' investment decisions.

A person that receives communication, from a person concerned with a specified cryptoasset issuer (including a person prescribed in the second sentence of paragraph (1); hereinafter the same applies in this paragraph), of a material fact regarding specified cryptoassets, etc. prescribed in paragraph (1) that the person concerned with a specified cryptoasset issuer came to know in the manner prescribed in the items of that paragraph (other than a person set forth in any of the items of that paragraph who came to know the material fact regarding the specified cryptoassets, etc. in the manner prescribed in the relevant item), or another officer, etc. of the corporation to which a person that receives that communication in the course of duty is affiliated, who came to know the material fact regarding the specified cryptoassets, etc. in connection with that person's duties, must not make a purchase and sale, etc. pertaining to subject specified cryptoassets, etc. until the material fact regarding the specified cryptoassets, etc. has been publicized.

"Publicized" in paragraph (1), paragraph (2), item (i) and the preceding paragraph means that the relevant specified cryptoasset issuer has taken the measures specified by Cabinet Order as measures to place the material fact regarding specified cryptoassets, etc. prescribed in paragraph (1) in a state in which it can be known by a large number of persons, or that the information on specified cryptoassets, etc. or the amended specified cryptoasset information, etc. of the relevant specified cryptoasset issuer in which the material fact regarding the specified cryptoassets, etc. is stated or recorded has been publicized.

In paragraph (1), paragraph (1), item (i) of the following Article, and Article 171-9, paragraph (1), items (i) and (ii), "parent company" means a company specified by Cabinet Order as a company that controls another company.

The provisions of paragraph (1) and paragraph (3) do not apply in the following cases:

if a person that holds a right which can be exercised against a specified cryptoasset issuer to receive the provision or transfer of subject specified cryptoassets acquires or takes transfer of subject specified cryptoassets by exercising that right;

if a person that has acquired options pertaining to subject specified cryptoassets, etc. makes a purchase and sale, etc. pertaining to subject specified cryptoassets, etc. by exercising those options;

if a purchase and sale, etc. pertaining to subject specified cryptoassets, etc. is made on the basis of an obligation under laws and regulations;

if a purchase and sale, etc. pertaining to subject specified cryptoassets, etc. is made as specified by Cabinet Order as referred to in Article 159, paragraph (3) or Article 171-5, paragraph (3);

if a person that has come to know a material fact regarding specified cryptoassets, etc. prescribed in paragraph (1) makes a purchase and sale, etc. pertaining to subject specified cryptoassets, etc. with a person that knows the material fact regarding the specified cryptoassets, etc. other than through the services for purchase and sale, etc. of cryptoassets of a financial instruments business operator, or the financial instruments exchange market or the over-the-counter securities market (excluding the case where both parties making the purchase and sale, etc. know that, with regard to the subject specified cryptoassets, etc. pertaining to the purchase and sale, etc., a purchase and sale, etc. will further be made in violation of the provisions of paragraph (1) or paragraph (3));

if subject specified cryptoassets, etc. are caused to be succeeded or are succeeded upon a merger, etc., and the proportion of the book value of the subject specified cryptoassets, etc. to the total amount of the book value of the assets succeeded upon the merger, etc. is below the proportion specified by Cabinet Office Order as a particularly low proportion;

if a resolution at a board of directors meeting relating to a decision on the content of a contract for a merger, etc. (for an incorporation-type company split, an incorporation-type company split plan) was passed before coming to know a material fact regarding specified cryptoassets, etc. prescribed in paragraph (1) pertaining to a specified cryptoasset issuer, and the subject specified cryptoassets, etc. of that specified cryptoasset issuer are caused to be succeeded or are succeeded upon that merger, etc. in accordance with that resolution;

if subject specified cryptoassets, etc. are caused to be succeeded to by a company incorporated in the incorporation-type split through an incorporation-type company split (excluding an incorporation-type company split effected jointly with another company);

if a purchase and sale, etc. is made as the performance of a contract for a purchase and sale, etc. pertaining to subject specified cryptoassets, etc. that was concluded before coming to know a material fact regarding specified cryptoassets, etc. prescribed in paragraph (1), or as the implementation of a plan for a purchase and sale, etc. pertaining to subject specified cryptoassets, etc. that was decided before coming to know the material fact regarding the specified cryptoassets, etc. prescribed in that paragraph, or a purchase and sale, etc. that is obviously a purchase and sale, etc. pertaining to subject specified cryptoassets, etc. based on other special circumstances equivalent thereto is made (limited to a case specified by Cabinet Office Order);

if subject specified cryptoassets are provided or acquired by providing certain services based on the technical specifications of the subject specified cryptoassets, or a purchase and sale, etc. that is obviously a purchase and sale, etc. pertaining to subject specified cryptoassets, etc. based on other special circumstances equivalent thereto is made (limited to a case specified by Cabinet Office Order).

A person set forth in the following items (hereinafter referred to in this Article as a "cryptoasset trading business operator insider") that has come to know, in the manner prescribed in the relevant item, a material fact regarding the handling, etc. of cryptoassets pertaining to a financial instruments business operator must not make a purchase and sale, etc. of the cryptoassets pertaining to the material fact regarding the handling, etc. of the cryptoassets (limited to those handled by a financial instruments business operator in its services for purchase and sale, etc. of cryptoassets (including those for which the body that decides on the business execution of the financial instruments business operator has made a decision to commence such handling); hereinafter referred to in this paragraph and in paragraph (5), items (i) and (x) as "subject cryptoassets"), or of securities set forth in Article 2, paragraph (1), item (xix) that represent options pertaining to the subject cryptoassets, or other securities or cryptoassets specified by Cabinet Order as related to the subject cryptoassets (referred to as "subject cryptoassets, etc." in paragraph (3), paragraph (5), items (ii) through (x), Article 171-10, paragraph (2), Article 175-3, paragraphs (2), (13) and (15), Article 175-4, paragraphs (2), (11) and (13), Article 175-5, Article 178, paragraph (48), Article 185-7, paragraph (25), and Article 197-2, paragraph (1), item (xviii)), until the material fact regarding the handling, etc. of the cryptoassets has been publicized. The same applies to a cryptoasset trading business operator insider that has come to know a material fact regarding the handling, etc. of cryptoassets pertaining to the relevant financial instruments business operator in the manner prescribed in the following items, and that is within one year after ceasing to be a cryptoasset trading business operator insider set forth in the relevant item.

an officer, etc. of the relevant financial instruments business operator (including the parent company of the relevant financial instruments business operator; hereinafter the same applies in this paragraph): when the person comes to know it in connection with the person's duties;

a shareholder of the relevant financial instruments business operator that has the right prescribed in Article 433, paragraph (1) of the Companies Act, or a member that has the right prescribed in paragraph (3) of that Article (including the officer, etc. of the shareholder or member if the shareholder or member is a corporation, and the agent or employee of the shareholder or member if the shareholder or member is a person other than a corporation): when the person comes to know it in connection with the exercise of that right;

a person that has authority under laws and regulations over the relevant financial instruments business operator: when the person comes to know it in connection with the exercise of that authority;

a person that has concluded a contract with, or is in negotiations to conclude a contract with, the relevant financial instruments business operator (including the officer, etc. of that person if that person is a corporation, and the agent or employee of that person if that person is a person other than a corporation), other than an officer, etc. of the relevant financial instruments business operator: when the person comes to know it in connection with the conclusion of or negotiations for that contract, or its performance.

the officer, etc. of a person set forth in item (ii) or the preceding item that is a corporation (limited to the officer, etc. of a corporation when another officer, etc. of the corporation comes to know the material fact regarding the handling, etc. of cryptoassets pertaining to the relevant financial instruments business operator, as prescribed in item (ii) or the preceding item, respectively): when the person comes to know it in connection with the person's duties.

The material fact regarding the handling, etc. of cryptoassets prescribed in the preceding paragraph means any of the following facts (for the facts set forth in items (i) and (ii), this excludes a fact that falls under the criteria specified by Cabinet Office Order as having only a minor influence on investors' investment decisions):

the body that decides on the business execution of the relevant financial instruments business operator has decided to carry out any of the following matters, or the body has decided not to carry out a matter subject to the decision (limited to a decision that has been publicized):

the commencement of the handling of cryptoassets in services for purchase and sale, etc. of cryptoassets;

the discontinuation of the handling of cryptoassets in services for purchase and sale, etc. of cryptoassets;

the dissolution of the relevant financial instruments business operator (excluding dissolution due to a merger);

matters specified by Cabinet Order as being equivalent to the matters set forth in (a) through (c);

any of the following facts has arisen at the relevant financial instruments business operator:

the transfer by wrongful means of cryptoassets of customers that are under its management;

a failure arising from a disaster or in the course of performing operations, with respect to the handling of cryptoassets in services for purchase and sale, etc. of cryptoassets or the management of cryptoassets;

a decision by another person to commence, suspend, or terminate the provision of related services for a specified cryptoasset handled in services for purchase and sale, etc. of cryptoassets;

facts specified by Cabinet Order as being equivalent to the facts set forth in (a) through (c);

beyond the facts set forth in the preceding two items, material facts concerning the handling of cryptoassets by the relevant financial instruments business operator or concerning the cryptoassets subject to that handling that have a significant influence on investors' investment decisions.

It is prohibited for a person that receives information from a cryptoasset trading business operator insider (including a cryptoasset trading business operator insider prescribed in the second sentence of paragraph (1); hereinafter the same applies in this paragraph) regarding a material fact regarding the handling, etc. of cryptoassets prescribed in paragraph (1) that the cryptoasset trading business operator insider comes to know in the manner prescribed in any of the items of that paragraph (other than a person that is set forth in any of the items of that paragraph and that comes to know the material fact regarding the handling, etc. of cryptoassets in the manner prescribed in the relevant item), or for another officer, etc., at the corporation to which the person that receives this information in the course of duty is affiliated, that comes to know the material fact regarding the handling, etc. of cryptoassets in connection with that person's duties, to make a purchase and sale, etc. of subject cryptoassets, etc. before the material fact regarding the handling, etc. of cryptoassets is publicized.

The phrase "has been publicized" in paragraph (1), paragraph (2), item (i), and the preceding paragraph means that, with regard to the material fact regarding the handling, etc. of cryptoassets prescribed in paragraph (1), the relevant financial instruments business operator has taken the measures specified by Cabinet Order as measures to make it known to a large number of persons, or that the information on specified cryptoassets, etc. or amended specified cryptoasset information, etc. of the specified cryptoasset issuer, or the cryptoasset information, etc. or amended cryptoasset information, etc. of the relevant financial instruments business operator, in which that material fact regarding the handling, etc. of cryptoassets is stated or recorded, has been publicized.

The provisions of paragraphs (1) and (3) do not apply in the following cases:

if a person that holds a right which, by being exercised against a specified cryptoasset issuer, enables the person to be provided with or transferred subject cryptoassets acquires or takes over subject cryptoassets by exercising that right;

if a person that has acquired an option relating to subject cryptoassets, etc. makes a purchase and sale, etc. of subject cryptoassets, etc. by exercising that option;

if a purchase and sale, etc. of subject cryptoassets, etc. is made based on an obligation under a law or regulation;

if a purchase and sale, etc. of subject cryptoassets, etc. is made as specified by Cabinet Order under Article 159, paragraph (3) or Article 171-5, paragraph (3);

if a person that has come to know the material fact regarding the handling, etc. of cryptoassets prescribed in paragraph (1) makes a purchase and sale, etc. of subject cryptoassets, etc. with a person that knows that material fact, other than through the services for purchase and sale, etc. of cryptoassets of a financial instruments business operator, a financial instruments exchange market, or an over-the-counter securities market (excluding a case where both parties to that purchase and sale, etc. know that a further purchase and sale, etc. will be made in violation of paragraph (1) or (3) with respect to the subject cryptoassets, etc. subject to that purchase and sale, etc.);

if, upon a merger, etc., subject cryptoassets, etc. are succeeded or the other party is caused to succeed those subject cryptoassets, etc. and the proportion of the book value of the subject cryptoassets, etc. to the total amount of the book value of the assets succeeded upon the relevant merger, etc. is less than the proportion specified by Cabinet Office Order as a particularly low proportion;

if a resolution at a board of directors meeting relating to a decision on the content of a contract for a merger, etc. (for an incorporation-type company split, an incorporation-type company split plan) has been passed before coming to know the material fact regarding the handling, etc. of cryptoassets prescribed in paragraph (1) pertaining to the financial instruments business operator, and subject cryptoassets, etc. of that financial instruments business operator are succeeded to or the other party is caused to succeed to those subject cryptoassets, etc. upon the merger, etc. in accordance with the relevant resolution;

if, upon an incorporation-type company split (excluding one that a company implements jointly with another company), subject cryptoassets, etc. are caused to be succeeded to by a company incorporated in the incorporation-type split;

if a purchase and sale, etc. is made as the performance of a contract for the purchase and sale, etc. of subject cryptoassets, etc. that was concluded before coming to know the material fact regarding the handling, etc. of cryptoassets prescribed in paragraph (1), or as the implementation of a plan for the purchase and sale, etc. of subject cryptoassets, etc. that was decided before coming to know that material fact, or if a purchase and sale, etc. of subject cryptoassets, etc. that is obviously based on other special circumstances equivalent thereto is made (limited to a case specified by Cabinet Office Order); or

if subject cryptoassets are provided or acquired by providing certain services based on the technical specifications of the subject cryptoassets, or if a purchase and sale, etc. of subject cryptoassets, etc. that is obviously based on other special circumstances equivalent thereto is made (limited to a case specified by Cabinet Office Order).

A person set forth in the following items (hereinafter referred to as a "person related to a large-volume trader" in this Article) who has come to know, as provided for in each of those items, the fact concerning the implementation of a large-volume sale or large-volume purchase or the fact concerning the suspension of a large-volume sale or large-volume purchase by a person that makes a sale (limited to one specified by Cabinet Order as likely to have a significant influence on the price, and other particulars of cryptoassets, etc.; hereinafter referred to as a "large-volume sale" in this Article and paragraph (3) of the following Article) or purchase (limited to one specified by Cabinet Order as likely to have a significant influence on the price, and other particulars of cryptoassets, etc.; hereinafter referred to as a "large-volume purchase" in this Article and paragraph (3) of the following Article) of a cryptoasset (limited to one handled by a financial instruments business operator in services for purchase and sale, etc. of cryptoassets (including one for which the body that decides on the business execution of the financial instruments business operator has decided to commence such handling)) or of a security set forth in Article 2, paragraph (1), item (xix) that represents an option relating to that cryptoasset or any other security or cryptoasset specified by Cabinet Order as related to that cryptoasset (hereinafter referred to as "cryptoassets, etc." in this paragraph, paragraph (5), items (ii) and (vii) through (ix), Article 175-4, paragraph (3), items (i) and (ii), paragraph (15), and paragraph (17)) (hereinafter referred to as a "large-volume trader" in this Article) must not, until after the disclosure of the fact concerning the implementation of the large-volume sale or large-volume purchase or the fact concerning the suspension of the large-volume sale or large-volume purchase, in the case of the fact concerning the implementation of a large-volume sale or the fact concerning the suspension of a large-volume purchase, make a sale, etc. of cryptoassets, etc. relating to that implementation of a large-volume sale or suspension of a large-volume purchase (meaning a sale of cryptoassets, etc. or other transaction specified by Cabinet Order; hereinafter the same applies in this Article, paragraph (3) of the following Article, Article 175-4, paragraph (3), and Article 197-2, paragraph (1), item (xix)), and in the case of the fact concerning the implementation of a large-volume purchase or the fact concerning the suspension of a large-volume sale, make a purchase, etc. of cryptoassets, etc. relating to that implementation of a large-volume purchase or suspension of a large-volume sale (meaning a purchase of cryptoassets, etc. or other transaction specified by Cabinet Order; hereinafter the same applies in this Article, paragraph (3) of the following Article, Article 175-4, paragraph (3), and Article 197-2, paragraph (1), item (xix)). The same applies to a person related to a large-volume trader who has come to know the fact concerning the implementation of the large-volume sale or large-volume purchase or the fact concerning the suspension of the large-volume sale or large-volume purchase as provided for in the following items, and who is within six months after ceasing to be a person related to a large-volume trader set forth in each of those items.

an officer, etc. of the large-volume trader (including, if the large-volume trader is a corporation, the parent company of that corporation and, if that corporation is an investment corporation (meaning an investment corporation prescribed in Article 2, paragraph (12) of the Act on Investment Trusts and Investment Corporations), the asset management company of that corporation (meaning an asset management company prescribed in paragraph (21) of that Article) and the parent company of that asset management company; hereinafter the same applies in this paragraph) (or, if the large-volume trader is a person other than a corporation, its agent or employee): coming to know the fact in connection with the person's duties;

the specified cryptoasset issuer of the specified cryptoasset pertaining to the large-volume sale or large-volume purchase (including, if the specified cryptoasset issuer is a corporation, the parent company of that corporation; hereinafter referred to as the "issuer of subject specified cryptoassets" in this item through item (v)) or an officer, etc. of the issuer of subject specified cryptoassets (or, if the issuer of subject specified cryptoassets is a person other than a corporation, its agent or employee): if such a person has come to know the fact by receiving information from the large-volume trader (in the case of an officer, etc., if the person has come to know the fact in connection with the person's duties by receiving information from the large-volume trader);

a shareholder of the large-volume trader or the issuer of subject specified cryptoassets (limited to a person that has come to know, as provided in the preceding item, the fact concerning the implementation of a large-volume sale or large-volume purchase by the large-volume trader or the fact concerning the suspension of a large-volume sale or large-volume purchase; the same applies in the following item and item (v)) which has the right prescribed in Article 433, paragraph (1) of the Companies Act (including a person specified by Cabinet Order as having a right similar thereto), or a member of the large-volume trader or the issuer of subject specified cryptoassets which has the right prescribed in paragraph (3) of that Article (including a person specified by Cabinet Order as having a right similar thereto) (including the officer, etc. of such a shareholder or member, if such a shareholder or member is a corporation, and the agent or employee of such a shareholder or member, if such a shareholder or member is a person other than a corporation): coming to know the fact in connection with the exercise of that right;

a person that has statutory authority over the large-volume trader or the issuer of subject specified cryptoassets: coming to know the fact in connection with the exercise of that authority;

a person other than an officer, etc. of the large-volume trader or the issuer of subject specified cryptoassets (or, if the large-volume trader or the issuer of subject specified cryptoassets is a person other than a corporation, other than its agent or employee), that has concluded, or is in negotiations to conclude, a contract with the large-volume trader or the issuer of subject specified cryptoassets (including an officer, etc. of that person if that person is a corporation, and an agent or employee of that person if that person is a person other than a corporation): coming to know the fact in connection with the conclusion or negotiation, or the performance, of the contract; and

an officer, etc. of a person set forth in item (ii), item (iii) or the preceding item that is a corporation (limited to a case where another officer, etc. of that corporation, of which that person is an officer, etc., has come to know, as provided in item (ii), item (iii) or the preceding item respectively, the fact concerning the implementation of a large-volume sale or large-volume purchase by the large-volume trader or the fact concerning the suspension of a large-volume sale or large-volume purchase): coming to know the fact in connection with that person's duties.

The fact concerning the implementation of a large-volume sale or large-volume purchase or the fact concerning the suspension of a large-volume sale or large-volume purchase prescribed in the preceding paragraph means the fact that a large-volume trader (or the organ that decides on the execution of operations of the large-volume trader, if the large-volume trader is a corporation; hereinafter the same applies in this paragraph) has decided to carry out a large-volume sale or large-volume purchase respectively, or the fact that a large-volume trader has decided not to carry out the large-volume sale or large-volume purchase relating to that decision (limited to a decision that has been publicized); provided, however, that this does not apply to a fact that falls under the criteria specified by Cabinet Office Order as having only a minor influence on investors' investment decisions.

A person that receives communication of the fact concerning the implementation of a large-volume sale or large-volume purchase or the fact concerning the suspension of a large-volume sale or large-volume purchase prescribed in paragraph (1) (hereinafter in this Article, paragraph (3) of the following Article, Article 175-4, paragraph (3) and Article 197-2, paragraph (1), item (xix), referred to as the "fact concerning large-volume trading") that a person related to a large-volume trader (including a person prescribed in the second sentence of paragraph (1); hereinafter the same applies in this paragraph and paragraph (5)) has come to know as provided in the items of paragraph (1), from that person related to a large-volume trader (excluding a person that is set forth in the items of paragraph (1) and that has come to know the fact concerning large-volume trading as provided in the relevant item), or another officer, etc. of the corporation to which a person that has received that communication in the course of duty is affiliated, that has come to know the fact concerning large-volume trading in connection with that person's duties, must not, in the case of the fact concerning the implementation of a large-volume sale or the fact concerning the suspension of a large-volume purchase prescribed in that paragraph, make sale, etc. of cryptoassets, etc. relating to that implementation of a large-volume sale or suspension of a large-volume purchase, and in the case of the fact concerning the implementation of a large-volume purchase or the fact concerning the suspension of a large-volume sale prescribed in that paragraph, make purchase, etc. of cryptoassets, etc. relating to that implementation of a large-volume purchase or suspension of a large-volume sale, unless the fact concerning large-volume trading has been publicized.

The term "has been publicized" in the preceding three paragraphs means that, with regard to the fact concerning large-volume trading, the large-volume trader has taken the measures specified by Cabinet Order as measures to make it known to a large number of persons.

The provisions of paragraphs (1) and (3) do not apply in the following cases:

if a person that holds a right which, by being exercised against a specified cryptoasset issuer, enables the person to be provided with or transferred specified cryptoassets acquires or takes over specified cryptoassets by exercising that right;

if a person that has acquired an option relating to cryptoassets, etc. makes sale, etc. of cryptoassets, etc. or purchase, etc. of cryptoassets, etc. by exercising that option;

if sale, etc. of cryptoassets, etc. or purchase, etc. of cryptoassets, etc. is made based on an obligation under a law or regulation;

if sale, etc. of cryptoassets, etc. or purchase, etc. of cryptoassets, etc. is made as specified by Cabinet Order under Article 159, paragraph (3) or Article 171-5, paragraph (3);

if a person that has come to know the fact concerning the implementation of a large-volume sale or the fact concerning the suspension of a large-volume purchase prescribed in paragraph (1) makes sale, etc. of cryptoassets, etc. to a person that knows that fact, other than through the services for purchase and sale, etc. of cryptoassets of a financial instruments business operator, a financial instruments exchange market or an over-the-counter securities market (excluding a case where both parties to that sale, etc. of cryptoassets, etc. know that sale, etc. of cryptoassets, etc. will further be made, in violation of paragraph (1) or (3), with respect to the cryptoassets, etc. subject to that sale, etc. of cryptoassets, etc.), or if a person that has come to know the fact concerning the implementation of a large-volume purchase or the fact concerning the suspension of a large-volume sale prescribed in paragraph (1) makes purchase, etc. of cryptoassets, etc. from a person that knows that fact, other than through the services for purchase and sale, etc. of cryptoassets of a financial instruments business operator, a financial instruments exchange market or an over-the-counter securities market;

if a specified person concerned with a large-volume trader (meaning a person related to a large-volume trader that has come to know, as provided in the items of paragraph (1), the fact concerning the implementation of a large-volume sale or large-volume purchase prescribed in that paragraph; hereinafter the same applies in this item) that is not the person set forth in item (i) of that paragraph, or a person that has received communication of the fact concerning the implementation of a large-volume sale or large-volume purchase prescribed in that paragraph from a specified person concerned with a large-volume trader (the person excludes a specified person concerned with a large-volume trader, and includes an officer, etc. of the person if the person is a corporation, and an agent or employee of the person if the person is a person other than a corporation) makes sale, etc. of cryptoassets, etc. or purchase, etc. of cryptoassets, etc. (limited to a case where six months have passed since the day on which a specified person concerned with a large-volume trader came to know the fact concerning the implementation of a large-volume sale or large-volume purchase prescribed in that paragraph as provided in the items of that paragraph, or since the day of receiving the communication in the case of a person that has received the communication);

if, upon a merger, etc., cryptoassets, etc. are succeeded to or the other party is caused to succeed to those cryptoassets, etc., and the proportion of the book value of those cryptoassets, etc. to the total amount of the book value of the assets succeeded to upon that merger, etc. is less than the proportion specified by Cabinet Office Order as a particularly low proportion;

if a resolution of the board of directors on the determination of the content of a contract for a merger, etc. (for an incorporation-type company split, an incorporation-type company split plan) was passed before coming to know the fact concerning large-volume trading of the large-volume trader, and cryptoassets, etc. relating to that large-volume sale or large-volume purchase are succeeded to, or the other party is caused to succeed to them, upon that merger, etc. in accordance with that resolution;

if, upon an incorporation-type company split (excluding one carried out jointly with another company), cryptoassets, etc. are caused to be succeeded to by a company incorporated in the incorporation-type split;

if sale, etc. of cryptoassets, etc. or purchase, etc. of cryptoassets, etc. is made as the performance of a contract concerning the sale, etc. of cryptoassets, etc. or purchase, etc. of cryptoassets, etc. relating to that large-volume sale or large-volume purchase that was concluded before coming to know the fact concerning large-volume trading of the large-volume trader, or as the implementation of a plan for the sale, etc. of cryptoassets, etc. or purchase, etc. of cryptoassets, etc. relating to that large-volume sale or large-volume purchase that was decided before coming to know the fact concerning large-volume trading of the large-volume trader, or if sale, etc. of cryptoassets, etc. or purchase, etc. of cryptoassets, etc. that is obviously based on other special circumstances equivalent thereto is made (limited to a case specified by Cabinet Office Order); or

if a cryptoasset is provided or acquired by providing certain services based on the technical specifications of the cryptoasset, or if sale, etc. of cryptoassets, etc. or purchase, etc. of cryptoassets, etc. that is obviously based on other special circumstances equivalent thereto is made (limited to a case specified by Cabinet Office Order).

A person concerned with a specified cryptoasset issuer prescribed in Article 171-7, paragraph (1) (including a person prescribed in the second sentence of that paragraph) that has come to know a material fact concerning specified cryptoassets, etc. prescribed in that paragraph as provided in the items of that paragraph must not, for the purpose of enabling another person to gain a profit or avoid a loss by causing that other person to make purchase and sale, etc. of subject specified cryptoassets, etc. before the public announcement under that paragraph is deemed to have been made with regard to the material fact concerning the specified cryptoassets, etc., communicate the material fact concerning the specified cryptoassets, etc. or recommend that other person to make that purchase and sale, etc.

A cryptoasset trading business operator insider prescribed in Article 171-8, paragraph (1) (including a person prescribed in the second sentence of that paragraph) that has come to know a material fact concerning the handling, etc. of cryptoassets prescribed in that paragraph as provided in the items of that paragraph must not, for the purpose of enabling another person to gain a profit or avoid a loss by causing that other person to make purchase and sale, etc. of subject cryptoassets, etc. before the public announcement under that paragraph is deemed to have been made with regard to the material fact concerning the handling, etc. of the cryptoassets, communicate the material fact concerning the handling, etc. of the cryptoassets or recommend that other person to make that purchase and sale, etc.

A person related to a large-volume trader prescribed in paragraph (1) of the preceding Article (including a person prescribed in the second sentence of that paragraph) that has come to know a fact concerning large-volume trading as provided in the items of that paragraph must not, for the purpose of enabling another person to gain a profit or avoid a loss, before the public announcement under that paragraph is deemed to have been made with regard to the fact concerning large-volume trading, by causing that other person to make sale, etc. of cryptoassets, etc. relating to that implementation of a large-volume sale or suspension of a large-volume purchase in the case of the fact concerning the implementation of a large-volume sale or the fact concerning the suspension of a large-volume purchase prescribed in that paragraph, or to make purchase, etc. of cryptoassets, etc. relating to that implementation of a large-volume purchase or suspension of a large-volume sale in the case of the fact concerning the implementation of a large-volume purchase or the fact concerning the suspension of a large-volume sale prescribed in that paragraph, communicate the fact concerning large-volume trading or recommend that other person to make that sale, etc. of cryptoassets, etc. or that purchase, etc. of cryptoassets, etc.

No person may publicly notify false market prices of crypto-and other assets, etc., or prepare or distribute a document containing false market prices of crypto-and other assets, etc. for the purpose of publicly notifying or distributing it.

No person may, at the request of a specified cryptoasset issuer, a person that conducts a public offering or secondary distribution of specified cryptoassets, an underwriter of specified cryptoassets, or a financial instruments business operator, prepare or distribute, for the purpose of publicly notifying or distributing it, a document containing a false statement regarding a material particular concerning crypto-and other assets issued by, apportioned to or handled by those persons.

A specified cryptoasset issuer, a person that conducts a public offering or secondary distribution of specified cryptoassets, an underwriter of specified cryptoassets, or a financial instruments business operator must not make the request referred to in the preceding paragraph.

Any person that receives or promises to receive consideration from a specified cryptoasset issuer, a person that conducts a public offering or secondary distribution of specified cryptoassets, an underwriter of specified cryptoassets, a financial instruments business operator, or a large-volume trader, etc. (meaning a large-volume trader prescribed in Article 171-9, paragraph (1) and its related persons specified by Cabinet Order), to publish an opinion that is to provide a decision about investment in respect of crypto-and other assets, a specified cryptoasset issuer or a large-volume trader prescribed in that paragraph in a newspaper or magazine, or to present the opinion to the public in writing, through broadcasting, in a movie, or by any other means, must convey that the person has received or promised to receive consideration for doing so, together with the opinion; provided, however, that this does not apply if a person that receives or promises to receive an advertising fee presents the opinion as an advertisement in exchange for the advertising fee.

No person may, when conducting, toward many and unspecified persons, an offer to provide newly issued specified cryptoassets or the solicitation of an offer to acquire them, or an offer to sell or the solicitation of an offer to purchase already issued specified cryptoassets (referred to in the following Article as a "solicitation to many and unspecified number of persons for specified cryptoassets"), make to many and unspecified persons a representation to the effect that oneself or another person will purchase the specified cryptoassets acquired by those persons at a price specified in advance (including a price calculated by certain criteria from an amount specified in advance; hereinafter the same applies in this Article) or a price exceeding it, or will arrange to sell them at a price specified in advance or a price exceeding it, or a representation that may be mistaken for such a representation; provided, however, that this does not apply if the specified cryptoassets are specified cryptoassets specified by Cabinet Office Order.

A person that conducts a solicitation to many and unspecified number of persons for specified cryptoassets (excluding one relating to specified cryptoassets specified by Cabinet Office Order; hereinafter the same applies in this Article), or the officer, advisor, consultant or other person in an equivalent position, or the agent, employee or any other worker of such a person, must not, upon that solicitation to many and unspecified number of persons for specified cryptoassets, make a representation to many and unspecified persons indicating that a fixed amount of money or more (including an amount that can be calculated in advance using fixed criteria; hereinafter the same applies in this Article) (including anything that can be disposed of to generate a fixed amount of money or more) will be provided for the specified cryptoassets for a certain period, regardless of what it is called (including a representation that could give rise to the misconception that this is what is being represented); provided, however, that this does not apply if it is clearly indicated that the content of such a representation only indicates an expectation.

In the case where an unregistered business operator (meaning a person that engages in the cryptoasset trading business prescribed in Article 28, paragraph (5) without obtaining registration from the Prime Minister in violation of Article 29; hereinafter the same applies in this paragraph) performs a sale, etc. of an unlisted cryptoasset (meaning sales, or intermediary or agency therefor, public offering or secondary distribution of specified cryptoassets or the handling thereof, or any other similar act specified by Cabinet Order; hereinafter the same applies in this paragraph), the subject contract (meaning a contract related to the relevant sale, etc. or a contract concluded based on the relevant sale, etc., the content of which is the acquisition of the unlisted cryptoasset by a customer; hereinafter the same applies in this paragraph) is void; provided, however, that this does not apply where the relevant unregistered business operator, or the seller of the relevant unlisted cryptoasset or the specified cryptoasset issuer related to the relevant subject contract (limited to the parties to the relevant subject contract), proves that the relevant sale, etc. neither impairs customer protection in light of the customer's knowledge, experience, the status of property and the purpose of concluding the relevant subject contract, nor corresponds to an act of unfair profiting.

The term "unlisted cryptoasset" in the preceding paragraph means a cryptoasset that does not fall under any of the following cryptoassets:

a cryptoasset that is handled by a financial instruments business operator in its services for purchase and sale, etc. of cryptoassets;

a cryptoasset specified by Cabinet Order as a cryptoasset, other than that set forth in the preceding item, for which the trading price or information on that cryptoasset (including information on the specified cryptoasset issuer, if that cryptoasset is a specified cryptoasset) can be easily obtained.

The provisions of Article 161, paragraph (1) apply mutatis mutandis to cryptoasset-related market derivatives transactions and cryptoasset-related over-the-counter derivatives transactions, the provisions of Article 162, paragraph (1) (limited to the portion pertaining to item (ii)) apply mutatis mutandis to the transactions prescribed in Article 2, paragraph (21), items (ii) and (iii) (limited to those that fall under cryptoasset-related market derivatives transactions), and the provisions of Article 167-3 (limited to the portion pertaining to item (ii)) apply mutatis mutandis to cryptoasset-related market derivatives transactions. In this case, in Article 162, paragraph (1), item (ii), for the transaction set forth in Article 2, paragraph (21), item (ii), "an immediate purchase of securities if the market price rises above the market price at the time of entrustment to at least the level that the entrusting person indicates" is deemed to be replaced with "an immediate transaction to become the party to receive the money if the actual figure (limited to the figure of the cryptoasset-related financial index prescribed in Article 171-3, item (i); hereinafter the same applies in this item) exceeds the agreed figure (limited to the figure of the cryptoasset-related financial index prescribed in that item; hereinafter the same applies in this item), when the market price of the agreed figure rises above the market price at the time of entrustment to at least the level that the entrusting person indicates", and "an immediate sale of securities if the market price falls below the market price at the time of entrustment to at least the level that the entrusting person indicates" is deemed to be replaced with "an immediate transaction to become the party to receive the money if the actual figure falls below the agreed figure, when the market price of the agreed figure declines below the market price at the time of entrustment to at least the level that the entrusting person indicates"; and for the transaction set forth in Article 2, paragraph (21), item (iii), "an immediate purchase of securities if the market price rises above the market price at the time of entrustment to at least the level that the entrusting person indicates" is deemed to be replaced with "an immediate transaction to become the party to acquire a cryptoasset-related option (meaning the cryptoasset-related option prescribed in Article 171-4; hereinafter the same applies in this item), when the market price of the cryptoasset-related option rises above the market price at the time of entrustment to at least the level that the entrusting person indicates", and "an immediate sale of securities if the market price falls below the market price at the time of entrustment to at least the level that the entrusting person indicates" is deemed to be replaced with "an immediate transaction to become the party to grant the cryptoasset-related option, when the market price of the cryptoasset-related option falls below the market price at the time of entrustment to at least the level that the entrusting person indicates".

If an issuer violates the provisions of Article 15, paragraph (1) (including as applied mutatis mutandis pursuant to Article 27) in causing securities set forth in Article 15, paragraph (1) to be acquired through a public offering (meaning a public offering of securities as prescribed in Article 4, paragraph (1); hereinafter the same applies in this Chapter, except in Articles 173 through 174-3) or if a person violates such provisions in selling such securities through a secondary distribution (meaning a secondary distribution of securities prescribed in Article 4, paragraph (4); the same applies in this Chapter, except in the following paragraph; Article 172-2, paragraphs (4) and (5); Article 178, paragraphs (3), (5), and (8); and Article 185-7, paragraphs (1622) and (1725)) (limited to a person that sells securities that the person owns), the Prime Minister, in accordance with the proceedings prescribed in the following Section, must order the issuer or that person to pay an administrative monetary penalty to the national treasury in an amount that is equivalent to the amount specified in the relevant of the following items for the category of cases set forth in that item (or, if the issuer or person falls under both of the following items, the sum of the amounts specified in those items):

If a person violates the provisions of Article 15, paragraph (2) (including as applied mutatis mutandis pursuant to Article 27) in selling securities that it owns through a secondary distribution without delivering a prospectus (limited to a prospectus in a secondary distribution of securities for which disclosure has already been made as prescribed in Article 13, paragraph (1) (meaning a secondary distribution of securities prescribed in that paragraph; hereinafter the same applies in this paragraph; Article 172-2, paragraphs (4) and (5); Article 178, paragraphs (5) and (8); and Article 185-7, paragraph (1622)); hereinafter the same applies in this Chapter), the Prime Minister, in accordance with the proceedings prescribed in the following Section, must order that person to pay an administrative monetary penalty to the national treasury in an amount that is equivalent to 2.25 percent (or 4.5 percent, if the securities are share certificates, etc.) of the total distribution value of the securities it sells (if the securities are share option certificates or any other securities specified by Cabinet Office Order as being equivalent to them, the total distribution value includes the amount to be paid in upon the exercise of the share options under those share option certificates or any other amount specified by Cabinet Office Order as being equivalent to this).

If an issuer violates the provisions of Article 24, paragraph (1) or (3) (including as applied mutatis mutandis pursuant to Article 24, paragraph (5), and also including as applied mutatis mutandis pursuant to Article 27) in failing to submit an annual securities report, the Prime Minister, in accordance with the procedures prescribed in the following Section, must order the issuer to pay an administrative monetary penalty to the national treasury in an amount that is equivalent to the amount of the audit certification fee (meaning the amount of money or value of other assets as specified by Cabinet Office Order which has been paid or is payable as consideration for the audit certification set forth in Article 26-3, paragraph (1) and Article 26-5, paragraph (1)) for the business year immediately preceding the business year for which the annual securities report was required to be submitted pursuant to these provisions (if the issuer falls under an issuer of regulated securities set forth in Article 5, paragraph (1) (including as applied mutatis mutandis pursuant to Article 27), the business year immediately preceding the specified period set forth in Article 24, paragraph (1) as applied mutatis mutandis pursuant to Article 24, paragraph (5) (including as applied mutatis mutandis pursuant to Article 27) in relation to those regulated securities; hereinafter the same applies in this Article, Article 172-4, paragraph (1), and Article 185-7, paragraph (3341) (excluding item (iv))) (or, if there is no such immediately preceding business year for which an audit certification is required or in other cases specified by Cabinet Office Order as being equivalent to this, four million yen).

If a person violates the provisions of Article 27-3, paragraph (1) (including as applied mutatis mutandis pursuant to Article 27-22-2, paragraph (2); hereinafter the same applies in this Article) in effecting a purchase, etc. (meaning a purchase, etc. as prescribed in Article 27-2, paragraph (1) or Article 27-22-2, paragraph (1); hereinafter the same applies in this Article, the following Article, and Article 178, paragraph (14)) of share certificates, etc. (meaning the share certificates, etc. prescribed in Article 27-2, paragraph (1); hereinafter the same applies in this Article, the following Article and Article 178, paragraph (14)) or listed share certificates, etc. (meaning the listed share certificates, etc. prescribed in Article 24-6, paragraph (1); hereinafter the same applies in this Article, the following Article, Article 178, paragraph (14), and Article 185-7, paragraph (1725)), without making the public notice under Article 27-3, paragraph (1) (hereinafter referred to as "public notice of the commencement of a tender offer" in this Chapter), the Prime Minister, in accordance with the procedures prescribed in the following Section, must order that person to pay an administrative monetary penalty that is equivalent to the amount arrived at when the amount set forth in item (i) is multiplied by the number set forth in item (ii) to the national treasury: