Japanese government is considering to approve ICOs.
While China and the United States are strengthening control over Initial Coin Offerings, Japan is moving toward ICOs legalization.
Thus, the basic principles for ICOs regulation and legalization were presented by government-supported research group from the Tokyo University of Tama. This document contains the rules for identification of investors, and requirements to prevent money laundering, to monitor progress of projects and to protect investors.
The report called: “Call for Rule-making on ICO Proposal by ICO Business Research Group” stated:
“We have proposed that issuers be allowed to design rights and obligations related to ICO at their discretion. However, as more deals launched in the future, some rules may be required to restrict or encourage certain types of deals.”
The report was published on the 5th of April. According to it, ICO issuers should provide clear and detailed information on the progress made by a project team. And cryptoexchange should develop the unified standards for ICO-tokens listing.
It is noteworthy that the document does not contain a distinct define of ICO-tokens as securities.
By the end of April, these proposals will be considered by the Japanese Financial Service Agency.