Japan is making the first successful steps towards a legislative settlement of the status of cryptocurrencies and legalization of ICO, which can not be said about its large Eastern neighbor — China, where, as in the United States, went on the way of tightening control. The research group at Tama University in Tokyo presented a report on the development of basic principles for the legalization of ICO in Japan. The main provisions related to the identification of investors, measures to prevent money laundering, ways to track the development of the project and measures to protect shareholders and debt obligations.
According to the report, ICO issuers should provide clear and detailed information on how the raised funds, profits and assets will be distributed among the owners of tokens, shares and debt. At the same time, the document does not specify ICO tokens as securities.
“ICOs are groundbreaking technology, so if we can implement good principles and rules, they have the potential to become a new way to raise funding,” — said Kenji Harashima, a researcher at Mizuho Research Institute.
During this April, the financial Services Agency of Japan will consider these provisions, and in the future in two or three years they may become the current law.
