Japan is Set to Regulate ICOs
Japan’s Financial Services Agency (FSA) has made it known that it has plans to regulate Initial Coin Offerings (ICOs) in Japan. The financial watchdog also made it known in its recently concluded meeting that two existing laws that can be applied to token sales will be amended.
The Japan Financial Services Agency (FSA)
According to a local news source, The Japan Financial Services Agency (FSA), will soon require all business looking to have an ICO in the country to register with the agency.
The FCA which has been quite active when it comes to making sure that the crypto industry in Japan is well regulated has not really covered the ICO aspect of the industry until now. In order to stay on top of its country’s ICO sector, the Watchdog “plans to submit bills to revise the financial instruments and exchange law and the payment services law to next year’s ordinary parliamentary session starting in January.”
It was also made know that the Watchdog has been holding meeting geared towards ensuring that the best possible steps are taken when it comes to regulating sales of Tokens.
The FSC has also made it known that it is not against ICOs, it is just against fraudulent business practices and entities in general. In light of this, a recent report has made it known that 78 percent of ICOs around the world are scams
Two Laws Will Get Amended
The FCA made it known that it is likely going to amend two of its existing laws to Cater for ICOs in general. According to the FCA, due to how these two laws are structured, they can easily be amended to fit the role of an ICO regulation. The first amendable law is the Payment Services Act, while the second one is the Financial Instruments and Exchange Act which provides a regulatory framework for securities and securities companies in Japan.