A research team from Japan, ICO Business Research, presented draft regulations for the ICO. In the document, the group, which included representatives of the academic community, large business and analytical companies, outlined the basic principles of regulating the primary tokens emission.
The proposed rules are much more loyal than in the US, say nothing of South Korea and China, where ICO are banned. For example, a token in a document is designated as “a unit of value that is electronically issued by an emitter to an investor for payment of a cryptocurrency,” to which the “Payment Services Act” does not apply. Much attention is paid to security, including both the safety of investor funds, and resistance to white-washing and other breach of the law.
The research team has the support of the Japan Government. More complete and specific principles for the ICO legalization will be available in the FSA documents till the end of April.
Despite the tightening of control over the operation of crypto exchanges after a major theft from Coincheck, in general, the Japanese authorities are positive towards the industry. Day before, the Central Bank of Japan stated that cryptocurrencies “worth a try”, although they equated digital money with fiat.