Japan to Unveil ICO Regulation and Legalization Plan

The Financial Services Agency of Japan will consider the proposal, and in a few years it can acquire the status of law
05 April 2018   637

The Center for Normative Strategies at Tama University presented a list of regulations for the regulation and full legalization of the ICO in Japan. This is reported by Bloomberg.

The list of requirements prepared by the government-sponsored group includes provisions on money laundering combat, identifying investors, tracking project progress, and protecting investor interests. The Financial Services Agency of Japan will consider the proposal, and in a few years it can acquire the status of law.

The document describes the principles of granting guarantees, for example, the principles of tracking progress according to white paper and determining the impact on potential investors.

In addition, the document establishes certain principles of trading, customer identification, minimum requirements for listing on exchanges and a ban on insider trading.

In the document, tokens distributed through ICO are directly referred to as securities. A similar position is held by the US Securities and Exchange Commission. 

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.

Kenji Harashima

Researcher, Mizuho Research Institute.

The document was developed by Takuya Hirai, a member of the ruling Liberal Democratic Party, who was directly involved in the creation of a licensing system for exchanges last year, Yuzo Kano, head of Japan's largest exchange bitFlyer, as well as experts from the country's largest banks: Mitsubishi UFJ Financial Group Inc., Sumitomo Mitsui Financial Group Inc. and Mizuho Financial Group Inc

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Eidoo to Release Gold Backed Stablecoin

New stablecoin is called Ekon and it will be possible to it for one gram of gold of 999 test
20 September 2018   256

The Swiss blockchain start-up Eidoo has joined the ranks of projects launching own stablecoins, announcing the creation of a stable coin tied to the price of gold.

Eidoo's stablecoin is called Ekon and is a token compatible with the ERC-20 standard, which will be available in a multi-currency purse and on a hybrid decentralized project exchange. It will be possible to exchange 1 Ekon for one gram of gold of 999 test, which is in a special storehouse. Reserves of gold will be audited every 90 days, moreover, to increase confidence in the token, the company promises to be able to watch gold vault via a video camera.

The profit from the purchase and sale of Ekon within the Eidoo ecosystem will be converted into a native EDO project token.

Despite the uniqueness of the offer of the Swiss start-up, not all experts agree with its usefulness, since the price of precious metal is not so stable. So, for the last six months it has fallen by almost $ 150, however it has grown by $ 25 since the end of August.

In October 2017, Eidoo raised $ 27.9 million in a token, and in April of this year received a license from the Swiss Financial Services Standards Supervision Authority (VQF) under the national financial regulator (FINMA).