October 30, 2017 / Law

ICOs in Japan May Fall Within The Scope Of The Payment Services Act Or The Financial Instruments And Exchange Act

ICO in japan

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.

Such a position of Japan’s financial regulator is in many ways similar to the position taken by the Securities and Exchange Commission (SEC) last summer.

Let’s note, that for today in Japan the license for granting of corresponding services has 11 cryptocurrency exchanges.

Earlier this month, the London-based Z / Yen Group published a manifest, calling for the introduction of new standards for the conduct of initial coin offerings.

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