A working group backed by Japan’s government has proposed new guidelines intended to legalize and regulate initial coin offerings (ICOs).
In a report published April 5, Japan’s ICO Business Research Group — a task force that includes lawmakers, academics, bankers, and the chief executive of bitFlyer, Japan’s largest cryptocurrency exchange — called for the government to legalize ICOs and adopt clear industry rules and practices that encourage growth but also protect investors.
“ICO is still in its infancy and has no industry practices yet,” the group wrote. “Appropriate rules must be set to enable ICO to obtain public trust and to expand as a sound and reliable financing method.”
P.S: most of the ICOs are scams! In a real world, most of the ICO backed company would not get a penny from VC. Thanks to ETH, now anybody can start a company and scam general public. There is lack of vetting process on who can offer coins.