The guidelines for the ICO legalization are presented in Japan

The Japan Study Group, which analyzes the risks and benefits of cryptocurrencies, presented a list of basic principles for the regulation and legalization of ICOs in Japan. The document sets out the requirements for the identification of an investor, ways to combat money laundering, rules for protecting securities and debt obligations holders, etc.

"ICOs are groundbreaking technology, so if we can implement good principles and rules, they have the potential to become a new way to raise funding," said Kenji Harashima, a researcher at the Mizuho Research Institute.

According to these guidelines, the issuers of tokens will have to provide information on how the attracted funds, profits, and assets will be distributed among the owners of the assets. Cryptocurrency exchanges will be required to adopt single standards for listing ICOs, as well as insider trading will be banned.

The proposed principles will be forwarded to the Financial Services Agency of Japan for consideration. In case of these rules are approved by the FSA, they may become a full-fledged law legalizing the ICO trading.

The research team included: Toshifumi Kokubun, professor at Tama Graduate School of Business in Tokyo; Takuya Hirai, a member of Liberal Democratic Party and the author of last year's law on the legalization of crypto exchanges; Yuzo Kano, CEO of the bitFlyer Inc. cryptocurrency exchange, employees of Japanese banks Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc., etc.

by JustForex, 2018.04.09

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