The financial regulatory authority of japan has released a statement warning users of the risks associated with investments in ICO.
Japan continues its march forward
The Agency of financial services of Japan (FSA), the organization of regulation and supervision in the country, has issued a statement regarding the ICO. Its content is addressed both to those who participate in these fundraising companies offer. For the participants, the press release emphasised the “high risk” surrounding the ICO, in particular, the volatility of crypto-currencies and the high probability of fraud by operators ICO. “The price of a crypto-currency may decline, and become suddenly worthless,” said the FSA.
Japan, new paradise for the ICO
The embargo widespread of China concerning the ICO has seen an exodus of startups to Japan, which became a court more friendly to crypto-currencies. Also, earlier this year, the Bitcoin has officially been recognized as a method of payment throughout the country. “We receive hundreds of applications from startups in china and startups around the world asking us to list their trademarks after the chinese government has banned ICO “, revealed Kagayaki Kawabata, head of international business development at Coincheck. It is important to remember that the FSA has put in place a team of 30 members charged specifically to monitor the exchanges of crypto-currencies in the country. So, last month, this team provided special licenses for 11 platforms of exchange dedicated to crypto-currencies to be able to operate legally in the country.
Thegentlemansjournal Source : Cryptocoinsnews