Japan's FSA Publishes Document On Regulation Of Crypto Sphere
The Financial Services Agency of Japan (FSA) has published a document outlining the main aspects regarding cryptocurrencies and the organization of initial coin offering (ICO), CCN reports.
The document was drafted as a result of eleven meetings of the special commission of the Agency, during which all recommendations of financiers, experts of the sphere, and economists were considered. The report was reviewed as the basis of the attitude of the Japanese government to the crypto industry and the future regulatory act, which has not yet been in any country in the world.
As a regulatory organization, FSA should remain accountable to the Japanese parliament, supervise financial activities in the country, register and issue accreditations to companies that wish to issue investment instruments and assets. The constant changes in technological innovations and the need for regulatory cooperation from different areas are mentioned in the report.
FSA will impose restrictions on listings of private tokens, margin trading, and derivatives operations. Regarding the ICO regulation, the Agency explained that it would be necessary to pay attention to the structure of tokens and make the respective conclusions.
According to Japanese media reports, the measures proposed by FSA do not raise any concerns, therefore, the report may form the basis of a future regulatory act on the crypto sphere.
Earlier, Japanese MP Takeshi Fujimaki put forward the initiative to change the tax rules for crypto owners.