As a Bitcoin holder, I won't complain if all countries act the same way
Topic: [2017-10-30]ICOs in Japan May Fall Within The Scope Of The Payment Services (Read 1738 times)
October 31, 2017, 12:38:45 AM
Very good news. Way too many ICOs, it is becoming out of control and needs regulations, good move from Japan.
As a Bitcoin holder, I won't complain if all countries act the same way
As a Bitcoin holder, I won't complain if all countries act the same way
October 30, 2017, 08:39:06 AM
Initial coin offerings (ICO) can be regulated by several current laws in Japan. This stated in the official statement of the Japan Financial Services Agency (FSA).
As the regulator explained, ICOs may fall within the scope of the Payment Services Act or the Financial Instruments and Exchange Act. FSA said in a statement:
If an ICO has the characteristics of an investment and the purchase of a token by a virtual currency is practically deemed equivalent of that by a legal tender, the ICO becomes subject to regulations under the Financial Instruments and Exchange Act...
Read more https://bit.news/eng/icos-may-fall-within-scope-payment-services-act-financial-instruments-exchange-act/
As the regulator explained, ICOs may fall within the scope of the Payment Services Act or the Financial Instruments and Exchange Act. FSA said in a statement:
If an ICO has the characteristics of an investment and the purchase of a token by a virtual currency is practically deemed equivalent of that by a legal tender, the ICO becomes subject to regulations under the Financial Instruments and Exchange Act...
Read more https://bit.news/eng/icos-may-fall-within-scope-payment-services-act-financial-instruments-exchange-act/
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