ICO and Crypto Regulations Set to Improve in Japan
March 11, 2019 12:43 pm
The Japan Cryptocurrency Business Association (JCBA) has started contributing new ideas to improve the regulatory status of cryptocurrencies and ICO in the country. The trade group expressed their desire to work towards “the sustainable development of cryptocurrency businesses” in Japan.
The group which consists of crypto exchanges, banks, insurance companies, and associated businesses, aims to spread awareness among business professionals and the masses about the emerging crypto system and the underpinning blockchain technology.
Trade Group Provides Assistance For Crypto Improvement
The JCBA recently published a report, “Recommendations on New ICO Regulations,” which briefs about the group’s new beliefs with regards to the growth of the crypto industry in Japan, and also ideas about defining and regulating security tokens and utility tokens. The report was presented to Japan’s Financial Services Agency (FSA) and concerned businesses. Following are the statements from the JCBA:
- “Arrangement[s] for sound expansion of virtual currency…”
- “Distinction between tokens (security tokens) subject to regulations by the Financial Instruments and Exchange Act and tokens (utility tokens) subject to settlements.”
The report also refers to complex challenges related to investors’ safety and the viability of the crypto industry. These include disclosure and accounting standards, avoiding “double regulation,” and maintaining a healthy secondary market.
Japan has been quite receptive to the crypto market from the get go. In comparison to other Asian countries such as South Korea and China, Japan’s position in the crypto market is well established. Improved crypto and ICO regulations is set to bring positive changes for the crypto industry in the nation.
Read more about crypto regulations here