Japan Crypto Business Association (JCBA) Shares “Recommendations On New ICO Regulation” Report
“Recommendations On New ICO Regulation” Released By The Japan Crypto Business Association (JCBA)
Japan has been working to become a welcoming place for consumers and businesses in the crypto industry. With the new release of the “Recommendations on New ICO Regulation” document, the Japan Cryptocurrency Business Association (JCBA) is hoping that more of these businesses will reside within their economy.
The JCBA’s recommendations on Initial Coin Offerings (ICOs) are primarily divided into three main topics – how the domestic exchanges in Japan can be expanded to include crypto, the definitions of utility and security tokens, and the regulations for the aforementioned tokens. With the proposal, the regulations would end up revealing the difference between securities and utility tokens, and the expansion of cryptocurrency would be included in the Financial Commodity Exchange Act.
One of the big points that the announcement emphasizes is the work of the JCBA on its ICO Review Group, which was only launched a few months ago. This new document is primarily directed at the Financial Services Agency, along with any businesses that are already involved in the crypto industry. Specifically, the document adds,
“Based on the discussions at the discussion group ICO Review Group, this document makes recommendations on what ICO regulations should be.”
The concept for this initiative with the JCBA has actually announced a year ago when they had joined up with Japan Blockchain Association to represent 16 crypto market operators that were already registered. From there, the company decided to launch a project to establish safety standards for investors across the entire industry, while included information on ICOs.
By January last year, the JCBA and JBA had decided to merge their efforts to create a single body that would self-regulate and fall in line with legal sanctions.