The main regulator agency of the Japanese financial system, Financial Services Agency (FSA), released a report updating the crypto regulation. In this document, published at December of 2018, the agency specifies a framework to regulation of ICOs and cryptocurrency in Japan. Many people believes that this report brings the definitive vision of the Japanese government to crypto currencies, as published by CCN.
The report highlights the importance of communication with regulatory agencies and realizes the constant changes of the technology. Therefore, the FSA hopes to increase his regulatory system analyzing frameworks form another countries, as France and Malaysia. The Financial Instruments and Exchange Act will regulate the ICOs through the analyses of the tokens.
For companies that already works in the Nippon crypto market and still out of the regulatory guidelines, the report points out measures. So, those companies will not be able to add new assets to his portfolio, accept new clients or provide services. However, their activities can back to normal as soon as they be compliance with the regulation.
Advances in Japanese regulation
Recently the Japan has adopted the auto regulation of the crypto market bringing regulatory authority to JVCEA. This action allows the market to create a scene of dialogue between crypto ecosystem and the government. Therefore, this new report shows that the government, though concedes authority, isn’t out of the process. Other countries with regulations processes running, as the neighbor South Korea, may follow this good example.