Japan now regulates blockchain digital currency

Japan now regulates blockchain digital currency
11.05.2018 10:05 am

Japan now regulates blockchain digital currency

Cryptocurrencies

Exchanges are required to obtain licensing as a payment institution in Japan to operate their business (see previous article covered by Bitlegal for background information). This is a short note that Japanese FSA has a Fintech Support Desk to assist with any enquiries for licensing. In addition, the FSA has signed fintech cooperation agreements with Singapore MAS and UK FCA. This should make the process easier for market entry. A UK firm or Singapore firm will through their regulator seek a referral to the JFSA.

Japan unveiled proposed guidelines for the legalization of a controversial means of raising money in the cryptocurrency space.

A government-backed research group has put forward rules that would see initial coin offerings (ICOs) given regulatory definition and approval. An ICO is a means of raising capital by issuing and selling new crypto tokens in exchange for cryptocurrencies like bitcoin and ethereum. Proposed guidelines include identifying investors to prevent money laundering, protecting existing shareholders and debt holders, restricting unfair trade practices like insider trading and ramping up cybersecurity efforts.

The proposals come as China and South Korea toughen up on cryptocurrencies with their own regulations to rein in speculation in the nascent market. Last year, both countries banned ICOs due to concerns of illegal activity and speculative investing in the space.

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