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Japan cryptocurrency Business Association (JCBA), Recommendation on New ICO Regulation Based on the FSA's View

On March 8, the Japan Virtual Business Association (JCBA) announced “Recommendations on New ICO Regulations” in Japan.

JCBA expects the revision of the cryptocurrency legislation to be based on the recommendations of the “Study Group Report on cryptocurrency Exchange Industry, etc.” published by the Financial Services Agency, and based on the “response to ICO” in the report I am recommending ICO regulations that should be.

In the Recommendation, JCBA gives views on the following four points as recommendations.

    1. Arrangement for sound expansion of cryptocurrency that can be handled at domestic exchange office
    2. Distinction between tokens subject to the regulation of the Financial Instruments and Exchange Act and tokens subject to regulation concerning settlement and adjustment of the regulation level
    3. Regulations on security tokens
    4. Regulations on utility tokens

Regarding expansion of the cryptocurrency that can be handled at domestic exchanges , resumption of new handling of virtual currencies such as alto coins and ICO tokens overseas said that “providing appropriate access opportunities will contribute to the sound development of the industry” I mentioned that opportunities for discussion are necessary at an early stage.

In addition, JCBA shows that ICO is likely to encourage domestic industrial development as a means of raising domestic funding, strict regulations are imposed on small risk ICOs, and it is not desirable to make it virtually impossible to implement It was. Therefore, we need a regulatory framework suitable for the type of token and the size of ICO.

In the current law ICO issuance of tokens falls under the cryptocurrency exchange industry, so the legitimate domestic ICO has not been confirmed since January 2018. It is expected that ICO regulation will be improved in the future.

Article Source: “About Recommendations on New ICO Regulation”

Author: NT 【Coin Desk News】 – Source Post: https://crypto-times.jp/jcba-ico/

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