Japanese FSA Warns Foreign Non-licensed ICO

The Japanese financial regulator will be issuing its first warning since the legalization of cryptocurrencies as a method of payment in Japan
12 February 2018   1153

The Financial Services Agency of Japan (FSA) requires the ICO platform Blockchain Laboratory from Macau to stop working in the Japanese market. Earlier, the regulator warned the company about the need to obtain a license, but the requirements were ignored. This is reported by Asia Nikkei.

If the regulator's requirements are not met, the FSA intends to initiate a criminal case against the Blockchain Laboratory in cooperation with the police and the Consumer Agency.

Blockchain Laboratory is based in Macau and operates as an initial coin offering agency to raise funds using cryptocurrencies. 

The company’s activities are cryptocurrency and ICO consulting services and conducting seminars to attract investors.

The FSA has advised the company to “halt its business activities in Japan, without success”. According to the officials of the agency, the FSA “will warn the company directly, and name it on the FSA’s home page.” If the operator still fails to comply, criminal charges will be filed.

Gladius to Register Token as Security & Refund Investors

Startup self-reported in SEC on unregisted securities offering and cooperate with Commission, so it won't be fined
21 February 2019   63

Cryptocurrency startup Gladius Network LLC has informed the US Securities and Exchange Commission (SEC) about the sale of unregistered securities. On February 20, the SEC filed relevant charges.

During the ICO, the Gladius project raised $ 12.7 million in cryptocurrency equivalent for the development of a network for leasing computing facilities to protect against cyber attacks. The SEC stressed that the startup did not register their tokens as securities, as required by federal law, and did not agree to exclude them from the rules in the legal manner.

Moreover, tokensale was held after the publication of the SEC report on the situation with The DAO, in which the regulator stated that ICO can offer securities.

The press release says that Gladius contacted the SEC in the summer of 2018 and expressed interest in cooperating with the investigation. Thus, the agency refused to levy a fine, because the startup voluntarily agreed to return the funds to investors who require it and register the token in accordance with the provisions of the Securities Act of 1934.