According to JIJI PRESS, Tokyo’s financial watchdog has prepared regulation guidelines on initial coin offering (ICO). As it states, Japan's Financial Services Agency (FSA) wants to protect potential investors who are considering to invest in token sale.
The watchdog reportedly preparing to submit bills which are explain regulatory laws regarding investing in ICO in January 2019.
Previously, Japan made some significant changes in the cryptocurrency industry by introducing a plan on how to regulate cryptocurrency wallet services and even was considering to limit the amounts that cryptocurrency margin traders can borrow to two to four times of their deposits.
Earlier, the association behind the Japanese crypto exchanges the Japan Virtual Currency Exchange Association (JVCEA) requested certification from FSA in order to play the role of a self-regulatory body for exchanges that deal with digital currency.
What is more important, is that FSA agreed to grant JVCEA with the status of a “certified fund settlement business association,” allowing it to control the exchanges’ activities.
Together with all mentioned above, the Japanese GMO Internet Group was also considering to launch Japan’s Yen-backed stablecoin in 2019 though later Bank of Japan denied that initiative.
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