State-supported research group at the University of Tokyo Tama presented the guidelines for the regulation and legalization in Japan the scope of primary offerings of coins (ICO). It is reported Bloomberg.
In the relevant document set forth basic requirements for identifying investors, measures combating money laundering, to monitor progress of implementation of projects, the protection of securities holders and issuers of debt.
It is also noted that issuers of tokens must fully disclose information about the distribution of borrowed funds and profit as well as assets and liabilities. It is noteworthy that the document does not clearly define the ICO as a token of securities.
Cryptocurrency exchanges, in turn, will need to develop unified standards for listing ICO-tokens and also to counteract insider trading.
According to the source, these proposals will be submitted for consideration to the financial services Agency of Japan (FSA). Based on them within a few years may be a new law, which legalizes the scope of the ICO.
“ICO is an innovative technology. Therefore, if we are able to implement good policies, then it could be a new way of financing”, — shared his opinion of Kenji Harashima, researcher of the Institute Mizuho.
The research group included: member of the liberal democratic party of Japan Takuya Hirai, head of the country’s largest stock exchange bitFlyer, Yuzo Kano, as well as representatives of financial groups, Mitsubishi UFJ, Mitsui and Mizuho.
ForkLog previously reported that the purpose of regulation of primary offerings of coins, the FSA intends to revise some current legislative acts.