Japan May License 7 Exchanges in 2 months

The Financial Services Agency of Japan noted that making a decision on licensing the cryptocurrency exchange requires a long review
14 January 2019   755

According to new information on the licensing process of cryptocurrency exchanges in Japan, the applications of seven operators must be approved or rejected within the next two months, Cointelegraph reports.

The Financial Services Agency of Japan (FSA) noted that making a decision on licensing the cryptocurrency exchange requires a long review, which takes about six months and is associated with studying the applicant's answers to more than 400 questions.

As explained in the FSA, after receiving the responses, the agency contacts the company to confirm information about its plans, management systems, cyber security and anti-money laundering. At this stage, the department officials are personally convinced of the correctness of the information provided.

After the end of the first phase, which takes about four months, the company submits an official application to the FSA. The agency studies the application and decides whether to issue a license within two months.

The regulator said that at the first stage of the process, there are currently 21 companies, and seven have moved to the decision-making stage. Thus, seven operators can receive licenses this spring.

Recently, the FSA reported that, contrary to reports on the network, the ministry is not considering the possibility of approving a exchange etraded fund (ETF) linked to bitcoin.

US Crypto Companies to Support TON in Case With SEC

The Blockchain Association said Telegram taken sufficient measures to ensure that the Gram token offer met SEC requirements
23 January 2020   133

The Blockchain Association, which combines companies such as Coinbase, Circle, 0x and Ripple, issued an expert opinion as part of the ongoing proceedings of the US Securities and Exchange Commission (SEC) with Telegram.

Previously, the Digital Commerce Chamber launched a similar initiative. The blockchain association, however, was more straightforward and stated that Telegram had taken sufficient measures to ensure that the Gram token offer met SEC requirements. According to members of the organization, the actions of the SEC can damage not only Telegram, but the market as a whole.

The Court should not block a long-planned, highly anticipated product launch by interfering with a contract between sophisticated private parties. Doing so would needlessly harm the investors that securities laws were designed to protect.


The Blockchain Association

The Blockchain Association notes that for many years it has not been possible for SEC to obtain clear and unambiguous guidance for conducting activities in the cryptocurrency space, while the claims of the regulator make the current situation even more ambiguous. 

The SEC’s lawsuit also raises novel questions regarding whether companies are forbidden from raising funds from sophisticated U.S. investors, under well-established regulatory provisions, to build blockchain networks.


The Blockchain Association

They cite examples of startups TurnKey Jet and Pocketful of Quarters, in respect of which the regulator recommended not to apply legal measures, adding that such litigations inevitably involve high costs and do not guarantee industry participants that they will not be prosecuted in the future.

Telegram discussed its plans with SEC staff for a year and a half, provided copious information and responded to limited feedback by adjusting the design of its transaction. Yet, at the end, the SEC has sued, and the SEC’s briefs thus far say nothing about the substance of those discussions. 


The Blockchain Association

In conclusion, the group asks the court to “reject the SEC’s arguments that the not-yet-in-existence Grams were securities at the time of the Purchase Agreements.”