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   1148

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

Binance to Change Launchpad IEO Rules

25 March 2019   1

Binance announced a change in the format of the next tokensale on the Launchpad platform to a lottery. At the same time, the number of lottery tickets per account will depend on the size of the steak in the BNB for 20 days before IEO.

Note that one account can get up to 5 lottery tickets. Winners will be selected by randomizer.

BNB Balance to Lottery Tickets Ratio
BNB Balance to Lottery Tickets Ratio

It is noteworthy that within 20 days before the lottery, the BNB-deposit snapshot will be carried out daily at 0:00 UTC to monitor the fulfillment of the conditions.

Each winning ticket will grant the right to purchase tokens for a fixed amount in BNB equivalent. As soon as the user informs the exchange that he is ready to use a certain number of tickets in case of their winnings, this obliges him to purchase tokens and the money will be debited automatically.

Binance acknowledged that the price of BNB may fluctuate due to daily snapshots, and its potential decline may not be covered by the benefit from the new token, and encouraged users to make informed decisions.

In addition, Changpeng Zhao urged the community to comment on the new format in a separate Twitter thread in order to make the necessary feedback-based changes, if needed.

During the Celer Network tokensale on the Launchpad platform again had bandwidth problems; many people did not manage to purchase tokens.