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   1232

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. 

Brave Browser Start Paying BAT For Ads Viewing

Brave browser ICO was launched in 2017 by the creator of the JavaScript programming language and ex-Mozilla CEO Brendan Eich; it raised $35M in 30 seconds
25 April 2019   68

Users of the new Brave browser desktop version will finally be able to participate in the Brave Ads program.

Brave is developed by the creator of the JavaScript programming language and ex-Mozilla CEO Brendan Eich and is positioned as something more than a “ad-blocking browser”. The implementation of this idea is based on Brave Ads.

Users who decide to take part in the program will be able to receive up to 70% of the profits generated by the advertisements shown to them, TechCrunch reports with reference to the company's statement. Awards will be paid in the form of own tokens of the Basic Attention Tokens project (BAT), which users, in turn, will be able to share with the creators of the content they like on the network.

By default, donations to BAT will be transferred to owners of sites that a user visits most often, however, developers plan to realize the possibility of exchanging tokens for awards, such as vouchers for restaurant visits or hotel accommodations. Also, earned advertising tokens can be exchanged for other cryptocurrencies and Fiat through exchanges. If desired, users can continue to use Brave without receiving a BAT.

A lot of users don’t want to cash out [when they receive BAT]. It’s not a huge amount of value for most people, so they may prefer to just use it to give back. And that’s the real idea: A browser with the user steering it is replacing the ad tech complex.
 

Brendan Eich

Founder, Brave

BAT can only be used to reward publishers. Soon with their help, users will be able to buy additional content and, possibly, some products. The ability to withdraw tokens will be realized after the introduction of the user identification system.