Japan's FSA to Regulate ICO

Japanese financial watchdog will be reviewing ICO regulation laws
28 February 2018   1297

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.
 

FSA Report

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

CEO AriseBank Admitted to Fraud

Now Jared Rice faces up to 120 years in prison, however, confession may reduce this period to 20 years
22 March 2019   181

AriseBank CEO Jared Rice confessed to deceiving investors for $ 4.2 million in cryptocurrency. The plea agreement filed in the federal court of Dallas, Dallas News кузщкеы.

According to the document, Rice promised investors a "guaranteed return" of up to 20% of the invested funds, as well as opening bank accounts insured by the Federal Deposit Insurance Corporation and Visa-related debit and credit cards, although he did not have agreements with these companies.

The $ 4.2 million received from the ICO Rice spent on his girlfriend, lawyers, as well as on hotels, food and trips by Uber.

It is noteworthy that Jared Rice’s plea for cryptocurrency fraud was one of the first of its kind in the United States.

Now Rice faces up to 120 years in prison. However, confession may reduce this period to 20 years. Also, the organizer of the scheme will have to pay damages to deceived investors.

The final verdict on the case will be delivered on July 11.

Jared Rice was arrested in November 2018 on charges of fraud with unregistered securities and fraud using electronic means of communication. In December, the US Securities and Exchange Commission (SEC) obliged him and Stanley Ford, co-founder of AriseBank, to pay about $ 2.7 million as part of the settlement of the charges.