Japan to Tighten ICO Regulation

All the organizers of the ICO will have to be registered with the local watchdog
03 December 2018   1346

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.

Neo Foundation to Withdraw $11M From Cold Wallet

These funds will be used to finance its operations in currrent reporting year and $190M are stiill in the vault
26 March 2020   946

On March 25, the Neo Foundation announced the withdrawal of 1,660,865 NEO ($ 11 million) from the cold wallet to finance its activities in the current reporting year. About $ 190 million are still in reserves.

According to rules established in the Neo White Paper, the NEO tokens maintained by the Neo Foundation are mainly used to continuously support Neo's technological development, ecosystem growth, community expansion and the normal operations of the foundation and related organizations. 

 

Neo Foundation

According to the publication, 1,660,865 NEOs were transferred “from a blocked account to a current account”. As the information on the blockchain shows, these funds were directed to an address containing 14.6 million NEO or about $ 100 million. The project does not disclose who controls this address and what fate awaits the released tokens.

White paper Neo suggests that project costs in any given year should not exceed 15 million tokens. In the near future, a financial report for 2019 will be published.

At the time of publication, NEO is the 23rd largest asset on the market with a capitalization of $ 479 million. The price of one NEO is $ 6.79.