In line with a recent news reported by native media outlet ‘Jiji Press,’ The financial regulators in Japan is about to introduce new ICO[s] ‘Initial Coin Offerings’ laws to guard investors from fraud.
As per the ‘informed’ sources cited by Jiji, business operators conducting ICOsare going firstly to berequiredto register with Japan’sFinancialServices Agency [FSA].
The agency is reportedlygoing tosubmit billsredactionfinancialinstruments, exchanges and payment services laws tothe normalparliamentary session that would start inJanuary.
This action has been undertaken “inviewofseveralprobableillicitICO cases abroad” assome way“to limit individuals’ investment in ICO[s] fortheir moreprotection.”
As per a recent news published by EtherDesk earlier, around eightyp.cof the existing ICOs conducted in 2017 are no more than just scams.
Recently, the FSA Studygroupon Virtual Currency Exchangetradeconducted its tenth meetingto debateICOs. The tokens emittedthroughoutICO[s] where classified into3categories: virtual currencieswithout the issuers, virtual currencies withissuersand tokens with issuers thatalso are obligatedto distribute revenues.
In line with the report,the primaryand secondary token classificationsaresubjected to settlement regulationlike theFinancialInstruments and Exchange Act while the third of ICO tokens is subject to investmentlawsjust like the FinancialInstruments and Exchange Act.