Clifford Chance

New regulations for Crypto-Assets (Virtual Currencies) and Initial Coin Offering and Security Token Offering in Japan

4 February 2020

Japan is one of the world's first countries to establish regulations and licences for crypto-assets, initial coin offerings (ICOs) and security token offerings (STOs). On 14 January, 2020, the Japan Financial Services Agency (FSA) released drafts of ordinances implementing amendments enacted in May 2019 to key legislation. This provides some clarity on the regulation of fundraising using this emerging asset class.

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