Japanese financial regulator issues warning over ICO

According to Japan's financial regulator, ICOs may fall under the requirements of the law on payment services and the law on financial instruments and exchanges
30 October 2017   680

The conduct of the initial coin offering (ICO) in Japan can be regulated by several existing laws. This is stated in the official statement of the Agency of Financial Services of Japan (FSA).

As the regulator explained, depending on its structure, ICOs may fall under the requirements of the law on payment services and the law on financial instruments and exchanges.

A certain token issued in an ICO falls under the virtual currency on the Payment Services Act, therefore the businesses which provide exchange services of virtual currencies on a regular basis must be registered with each Local Finance Bureau that is delegated authority to by the Prime Minister. If an ICO has the characteristics of an investment and the purchase of a token by a virtual currency is practically deemed equivalent of that by a legal tender, the ICO becomes subject to regulations under the Financial Instruments and Exchange Act.
 

Japanese Financial Services Agency statement

Such a position of Japan's financial regulator is in many ways similar to the position taken by the Securities and Exchange Commission (SEC) last summer. 

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Bittrex to List LOOM

LOOM is the token of the American startup Loom Network, which launches decentralized applications
18 July 2018   196

Popular cryptocurrency exchange Bittrex listed Loom Network token LOOM. 

As the team of the exchange said, trading with the crypto currency will begin in the near future. On the background of this news, LOOM showed a price jump fo 14%.

LOOM Price Chart
LOOM Price Chart

LOOM is the token of the American startup Loom Network, which is launching decentralized applications.

In January, Bittrex tightened the criteria for listing new tokens. Now, developers need to provide technical information about the token itself, as well as the data of at least one team member. At the moment, the exchange has 290 digital coins.