Japan Proposes Guidelines to Legalize ICOs

A working group backed by Japan’s government has proposed new guidelines intended to legalize and regulate initial coin offerings (ICOs). In a report published April 5, Japan’s ICO Business Research Group — a task force that includes lawmakers, academics, bankers, and the chief executive of bitFlyer, Japan’s largest cryptocurrency exchange — called for the government to legalize ICOs and adopt clear industry rules and practices that encourage growth but also protect investors.

Under the proposed guidelines, ICO operators would be required to perform KYC verification on all contributors.They would also be required to make copious disclosures to ICO contributors and other investors prior to beginning the offerings and regularly update them on how closely the project is sticking to the roadmap laid out in its whitepaper.

Reference: https://www.ccn.com/japan-proposes-guidelines-to-legalize-icos/

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