We hear a lot from foreign clients about legal aspects of in .
In this series, we will clarify legal regulations regarding in based on , who is responsible for regulations in .
Big Picture
1- All of the legal regulations regarding ICOs are announced by Financial Services Agency
2- In , you need a license to issue because issuing are categorized as “virtual currency exchange service”
3- Voluntary groups are trying to change the situation, so there is a chance that this would change in the future
Who is announcing the legal regulations regarding cryptocurrency in Japan?
In , all of the legal regulations, including ICO, are announced by .
Every company and individual follow the rule written by Financial Services Agency and it is crucial for foreign companies to understand the announced by .
Is ICO not possible in Japan?
Under the current regulations, ICO and are categorized as .
As mentioned above, you need a license to practice virtual currency exchange service, and as of now, only 19 companies have the license (most of them are exchange).
It is very difficult to get a license, and after the in 2018, only 2 companies got the license.
Future of ICO in Japan
In March, because it is so hard to acquire the license for virtual currency exchange service, a group called wrote a proposal to Financial Services Agency.
In this proposal, wrote that is left behind and argued for deregulation of ICO and STO in .
Published at Tue, 21 May 2019 12:25:20 +0000
