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   479

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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Civic to Buy Identity.com Domain

The domain will become a blockchain platform for the exchange of user data
19 July 2018   111

American startup Civic has acquired the domain name identity.com. According to Vinny Lingham, CEO of the company, the domain will become a blockchain platform for the exchange of user data. This is reported by CoinDesk.

The identity.com platform will be a decentralized ecosystem. Thus, companies that own data will request the user's consent to the issuance of information. Blockchain will allow verifying the authenticity of the user's permission. After that, the company will be able to provide information to the data buyer.

Calculation on the platform will be performed in Civic (CVC) tokens. And thanks to smart contracts, payment will occur after the requesting company receives relevant information.

Previously, the domain was a portal for Internet real estate and belonged to the Inflection. Civic bought the domain name after Inflection stopped operating in this area of ​​business.

Vinny Lingham does not disclose the details of the negotiations and the amount of the deal. Nevertheless, he stated that he always considered the identity.com domain an ideal address for the promotion of his blocking project.

According to CEO Civic, this purchase is an important step not only for the company, but also for the development of the Web 3.0 concept.