Japanese supervision would like to introduce the ICO reporting obligation
Home News Japanese supervision to the ICO reporting obligation to introduce
Matthias Nemack –
Just six weeks ago, we reported on the status of financial supervision in Japan, where the authority hinted, to want to, finally, new rules and regulations for the introduction of new crypto-currencies work. An exact date but it was not. Now, a new draft for the beginning of the year emerges.
New regulatory measures could come in 2019
May the Financial Services Agency (FSA) could submit early in the new year 2019, a new law. More specifically, the supervisor wants to bring a series of so-called revision of laws, which are meant to cover all existing securities law, but at the same time to new financial instruments. And, of course, on the upcoming ICOs, as well as existing currencies, such as Bitcoin or Ripple. Also, the payment service act should be modernized. A project of the authority is supposed to be the creation of a ceiling for investments for individual persons.
Soon, permit requirements for new crypto-currencies?
Background according to the FSA, but less, to make investors ‘ life difficult. Rather, it is to protect ordinary consumers from overly risky assets. In the case of new ICOs, in turn, the financial want to develop on more of a regulation, the providers of new Token imposes a reporting obligation. Before a new Coin is coming to the market, to issuers, to obtain as soon as possible, even mandatory, in accordance with regulatory feedback, and your activity log.
Japan might be faster than other G20 countries to act
In the context of the current messages of the G20 countries, the Japanese Supervisory authority seems to have sought a leadership role in terms of the regulation in the area of crypto-currencies. Whether the proposed law changes can be also quickly to the new rules, have yet to reveal themselves.