Japan to Tighten ICO Regulation

All the organizers of the ICO will have to be registered with the local watchdog
03 December 2018   194

The Financial Services Agency of Japan (FSA) is planning to introduce new rules for the regulation of ICOs to protect cryptocurrency investors. It is reported by the Cointelegraph, citing the local news publication Jiji Press.

The publication quotes "informed" sources, according to which all the organizers of the ICO will have to be registered with the FSA.

In addition, the agency plans to introduce new bills, which will revise the rules for exchanges, payment services and other suppliers of financial instruments. It is expected that this will occur in January, when the parliamentary session starts.

It is argued that the regulator is taking this step in the light of several potentially fraudulent projects conducted outside of Japan. In particular, in order to better protect private investors, the agency intends to limit their investments in ICO.

In October it was reported that the FSA plans to set a limit on the size of leverage during cryptocurrency trading in order to reduce risks and market speculation. This measure was also recommended by the of Japan Virtual Currency Exchanges of Association (JVCEA), which had previously received the status of a self-regulating organization.

Earlier this week, the US Securities and Exchange Commission (SEC) fined the famous American boxer Floyd Mayweather and music producer DJ Khaled for promoting ICO of Centra Tech in social networks. In particular, the regulator found that celebrities hid the fact that the organizers paid them for advertising tokens.

TenX to Confirm Founder's Relation to Lyoness Pyramid

From 2011 to 2015, Julian Hosp was a “member” of Lyoness
10 December 2018   61

Representatives of the blockchain start-up TenX confirmed that TenX founder Julian Josp was involved in the activities of the Austrian financial pyramid Lyoness.

TenX's Reddit report says that from 2011 to 2015, Julian Hosp was a “member” of Lyoness. In the company he was engaged in marketing, sales, held lectures for other participants of the company. However, at the end of 2015, Hosp broke all ties with Lyoness.

Earlier, The Financial Telegram reported that TenX Hosp tried to remove all public data linking it with Lyoness before the ICO project. However, according to TenX, Julian Hosp never concealed that he was associated with Lyoness and even wrote about it in his book “25 Stories I Would Tell My Younger Self (2015)".

We would also like to clarify that the stories contained in the online articles and Julian’s past affiliations with Lyoness bear no relevance to TenX, and TenX has had no connection, association and/or affiliation with Lyoness at any time.
 

TenX at Reddit

According to Breaker, Lyoness is recognized as an illegal fraudulent scheme by the Supreme Court of Switzerland, the Austrian civil court and the Norwegian Gambling Council. About the connection of Hosp with the project it became known thanks to the “training” video from Lyoness, allegedly voiced by his Julian.