New Japan Framework For ICOs And Cryptocurrencies
The Financial Services Agency (FSA), a financial watchdog of Japan, released a draft report last week. It is written in order to address a new framework for cryptocurrencies and Initial Coin Offerings (ICOs) in the Asian country.
As we reported two weeks ago, the FSA is going to introduce new regulations concerning ICOs and the cryptocurrency industry.
Transparency and collaboration
On Friday, the agency published a draft report, following the 11th study group meeting of the agency.
The FSA is responsible for supervising financial activities in the country and also it has to stay accountable to the Japanese parliament.
In the report, the agency states that progress can be made only in collaboration with other authorized regulatory bodies. Because of that, the Financial Services Agency urges contributors to sign up for the qualified self-regulatory affiliation.
The issue of ICOs
When it comes to the ICO regulation, the FSA disclosed that specific cryptocurrencies may be subject to regulation. It all depends on how they will be structured.
The report also brings up a topic of the “deemed dealers”, companies which have gotten the permission to operate crypto exchanges while reviewing their applications. The FSA claims that those firms have been advertising their platforms, but many clients are not aware that they aren’t registered.
To put that issue to sleep, the financial agency proposes some regulatory measures. According to the proposal, the deemed dealers should not be able to expand their coins offer and advertise themselves until they get proper registration.
Local media in Japan reports that there isn’t any opposition to proposed changes in the legislation.
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