Japanese FSA wants to tighten ICO rules

Japan's Financial Services Agency reportedly intends to tighten the crypto regulation for ICO with the new rules.

According to the local media, all companies that plan to float an ICO will have to pass registration with FSA. The registration is said to be similar to the system of security-token registration that was launched by the US Securities and Exchange Commission. However, in this case, Japanese authority will be less independent, as all amendments and revisions of the financial legislation are subject for governmental approval, which means that crypto players will still have a chance to affect the final decision or even try to get its complete cancellation.

Moreover, FSA is said to launch new bills with revised rules for operations of trading platforms, payment services and other providers of financial solutions. These rules are likely to be proposed in January following the start of the Parliamentary session.

There are rumours that FSA decided to take such measures given cases of fraud ICO schemes beyond Japan. The regulator reportedly strives to protect private investors and thus is going to limit private investments into ICO projects.

Earlier in late October, FSA considered restrictions of marginal trading as the way to reduce risks and speculations.