Japan’s FSA defines policy on cryptocurrencies and ICOs

The Japanese Financial Services Agency announced a document clarifying its financial administrative policies on cryptocurrencies and initial coin offering
20 November 2017   1979

FSA has recently published 41-page document on financial policy. There is the unit on Bitcoin and other cryptocurrencies.

First topic of discussion was providing protection of crypto-exchanges. As cryptocurrencies utilizing Blockchain technology, “which was not seen before,” agency claimed that both business and system management required.

The agency decided to “look at the trends in the currency market” and ensure that each operation took place at exchanges. FSA also pays its attention to the balance between the promotion of innovation and the protection of users, noted that it is necessary to monitor whether the system is in place, they will respond to changes in the environment surrounding the virtual currencies for protecting users, such as verifying appropriate explanation or information provision for users is in place.

FSA tries to provide high-level security to users “through safe and stable system operation and fraud prevention.” It will be provided by verifying whether risk management has already been installed at crypto-exchange.

The Agency also will struggle against such crime acts like money laundering.

 

SEC to Unveil New List of Probable TON investors

One investor in this list is a ex-member of the managing board of the Bitcoin Foundation and partner of Ribbit Capital Mayer Malka
27 January 2020   477

Some names of large investors and the names of investment companies that could take part in the $ 1.7 billion token sale of the Telegram blockchain project became known, CoinDesk reportes with reference to documents issued by the US Securities and Exchange Commission (SEC) in the framework of the current proceedings.

One such investor is a former member of the managing board of the Bitcoin Foundation and partner of Ribbit Capital, Mayer Malka. He during the testimony at the beginning of the month mentioned Telegram CEO Pavel Durov.

Answering a question about whether Telegram is known for investors who can take on the role of validators in the TON PoS blockchain, Durov said:

We didn't put together a separate list of the purchasers who we would assume have experience in validating other networks, although it was obvious that certain investors… such as, for example, Micky Malka that we have discussed earlier, might… have experience in these processes of validation or at least were closely affiliated with parties that had experience in such processes.

 

Pavel Durov

Telegram CEO

In addition, Telegram Vice President Ilya Perekopsky, in one of his reports, named David Jan, the founder of ABBYY, a linguistic solutions development company, among potential investors. According to the correspondence published by the SEC, Ian asked Perekopsky if he could get an allocation in the ICO if he contacted Telegram directly without intermediaries in January 2018. “100 percent,” replied Perekopsky.

Also, TON investors could become the American funds Kleiner Perkins, Fortress, Draper Dragon, Dragoneer, DRW Holdings and Redpoint. This follows from the testimony declarations affixed by the SEC to the recent petition. In eight declarations, TON investors explain what prompted them to purchase Gram tokens. Company names have been removed from all documents, but they have remained in the file names. Sources familiar with the situation confirm that they really could take part in the ICO.

Most of the witnesses interviewed by the SEC indicated that they were interested in the possibility of supporting the Telegram project in the ICO TON, while the messenger itself does not accept funding for its main business. The announced investment amounts are on average $ 5-10 million. At the same time, Kleiner Perkins was initially offered an allocation of $ 15 million, but the company managed to agree on a twice as large investment, it follows from the submitted documents.