Japan's Prime Minister Denies Involvement in Meme Cryptocurrency

Japan's Prime Minister Sanae Takaichi has denied any involvement in the 'Sanae Token' meme cryptocurrency, which was launched on the Solana blockchain with her name and likeness.

The token crashed by 58% within hours of her denial, with regulators moving to investigate the issuer for operating without a crypto exchange license.

According to Japanese law, selling or exchanging crypto assets requires registration with the Financial Services Agency (FSA), and violators face up to five years in prison or fines of ¥5 million.