The Financial Services Agency of Japan (FSA) plans to review the relevant laws and regulations in order to regulate the ICO. This is reported by CoinDesk with reference to local media.
It is noted that the financial controller addressed this issue amid the growing popularity of the sale of tokens and the absence of clear rules governing the conduct of the ICO.
According to Sankei Shimbun, FSA has already started monitoring "suspicious" ICO, aimed at Japanese investors.
There is an increasing demand for amendment of the law, and the FSA is planning to consider suspension of inappropriate ICOs.
It is also noted that the existing law on payment systems, which took power in April last year and legalized bitcoin as a payment method, can not be considered sufficient to determine the legal status of ICOs.
Earlier this month, FSA suspended the activities of Blockchain Laboratory in Macau, issuing several warnings to it in connection with the provision of unlicensed services