Reports from December 1st indicate that the Japanese Financial Services Agency (FSA) will soon be launching a pack of regulation concerning the ICO industry.
According to ‘informed sources’, local media Jiji.com stated yesterday that the FSA is planning to submit bills revising financial instruments, exchange and payment services law to next year’s parliamentary session, which will begin in January.
The most relevant outcome of the new legislation seems to be the obligatory register with the FSA of business operators that issue their own cryptocurrency.
The same sources stated that this move is triggered by the emergence of possibly fraudulent initial coin offering cases abroad and thus, the regulatory action aims at protecting investors.
The FSA has recently jumped into several areas of the crypto markets in Japan, being the last a plan to regulate wallet providers.
Japan is a key country in the cryptocurrency markets. ICO’s are no exception, as it is evidenced in recent reports such as the launch of one in a town with only 1,500 inhabitants.