Curriculum and overview

• Date and time：May 18, 2018 (Monday) 17: 00 – 19: 10
• Place：Otemachi Sun Sky Room, 27th floor, Room A

• Part 1 “Trends in Regulations on ICO”
• Part 2 “Practice of ICO based on current status of laws and regulations”
• Part 3 Panel Discussion

Part 1 “Trends in Regulations on ICO”

I would like to tell you the trends in laws and regulations in Japan’s ICO and how overseas is.
First of all, you know that there are virtually no ICO in Japan.
Although there are actually some projects, it is difficult to legally sell ICO tokens in virtual currency in Japan.
Regarding ICO, the only public announcement issued by the regulatory authorities is to call ICO’s attention at the Financial Services Agency on 27th October 2017. First of all, it is easy to define what kind of ICO is, and defines it as a generic term for acts that companies and others electronically issue tokens and procure funds from the public. This is a very broad definition, if you issue a token and collect money from you it will be the definition that it is ICO.

Here, it is divided into two versus users and a business operator, point out that there is a risk of a price decline and a risk of encountering fraud, and these risks and project contents We understand that you are aware of the fact that you need transactions at your own risk. Since similar items are issued from the authorities of each country, it is written that it is not surprising in particular that it is a natural responsibility in a sense.
Although the second is a vendor, the operator is a concept including both issuers of tokens and other people dealing with tokens, but depending on the mechanism of ICOs, regulations subject to the settlement law of the funds and the Financial Instruments and Exchange Act It is stated that it can be subject to criminal penalty if ICO is implemented without registration.
The fact that it falls under the Funds Settlement Act means that regulation of the virtual currency exchange industry can be imposed and that the regulated object of the Financial Instruments and Exchange Act etc. can fall into one or two kinds of gold commerce. Here, there is a possibility that it is applicable, so what we have stepped beyond that is not written.

In the case that the ICO has the character as investment, it is written that a scheme that is regarded as substantially purchased in the legal currency even if it is purchased by the virtual currency will be subject to the regulations of the Financial Instruments and Exchange Act , It says that things like security tokens will also be subject to the Money Commerce Law.
Although it is a scheme that is considered to be substantially purchased in the statutory currency, though the investment in the virtual currency is not considered as the deemed securities by the fund due to the definition of the KMM, the virtual currency exchange of the Financial Services Agency of the other day As explained in the study group on business etc., there was explanation that it refers to the case of using virtual currency as a covert of money investment, so two points of view are mainly required when doing ICO in Japan is.
The point that whether the virtual currency exchange industry corresponds to the virtual currency under the fund settlement law or not, then only in the gold standards law No marketable securities depend on the scheme is that these two points are points …

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Part 2 “Practice of ICO based on current status of laws and regulations”

I will talk about practical work of ICO.
Because it is a new business, people who are doing ICO in the world have managed to accomplish using various regulations, so it will be about dynamic compliance when doing with such ideas.
Although it becomes the number, although it keeps calm by May, about 300 cases are done in the world. However, I can see that the number of cases and the amount of money are calmer than last year.
In addition, projects are also sorted out, and when you look at the achievement rate, there are few projects that can achieve 100%, and many of the remaining projects have not reached half.
Because it is done in the world of the network, it is surely the world where the top is always there, there is the second tier and the others are low, but if it sees the present situation, Teleson ‘s TON was 187 billion, and HUOBI and Bankera compare It is in a state that it has reached the upper limit of the amount of money well and is tightening.
Since it will be around 10 billion yen in the amount of the procurement amount, it will be around 6 billion yen, so there is no world of 10 billion yen through ICO, but you can procure a reasonable amount of money and make a platform with this as a source I think whether it is sufficient procurement.

Looking at the current status of other countries, it is not that something relaxes or becomes heavy due to ICO tokens, and it does not mean that any legal form is determined by utility tokens.
I am based on the idea of ​​applying the existing existence rules, securities and other payment instruments and regulating them when applicable.

How to divide the token is actually a gradation, so I feel it is difficult to draw tokens and lines, but there is a payment token as a payment token, but the technician can use it as a protocol token I am reading.
Recent things have come out from various places corresponding to protocol tokens, but around here there are many things that are out of regulation in various countries, and in Japan it is assumed that the protocol token It means that it is a payment token.
Utility tokens are listed above the protocol tokens. Technicians are areas called “up-tokens,” which are typical of ERC 20, but they are used as a means of payment on certain services and networks.
This is a token often come out in ICO and there are many cases that correspond to virtual currency or prepayment type payment means when it comes out in Japan.
Whether it is used for a specific service or whether it can be used in other places in various ways is a matter of degree and it is sometimes said that it is a protocol if it is made for a specific service but everyone will use it.
I think the boundary here will be relative …

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Part 3 Panel Discussion

(Anderson · Mori · Tomonogatari Law Office Mr. Kawai)
Well then, can you easily tell me the current situation of ICO including Mr. Yamada’s self?

(Mr. Yamada of AnyPay Co., Ltd.)
I think many people do not know it, but it is a company of so-called FinTech Venture about 2 years.
I am currently doing consulting business of ICO, pillar of settlement and ICO consulting, and I am consulting ICO practical work to domestic and foreign clients.
Although the amount of procurement is growing in the market as a whole, the rate of projects that end without gathering is increasing in each success case, and the amount of gathering for each case is also decreasing. The number of cases is growing, the growth of the market has gone up beyond the investors more than the investor has not overtaken.
The case of consultation coming to our place is gradually improving and I feel that I am not exposed to competition, extreme story, if it is two years ago ICO will be gathered for the time being As we can find case examples of ICOs that have been missing and doing similar ICOs in the same area surely in the past, what kinds of services are to be made including such places, which are more feasible I feel that I have come to a phase that I have to examine more how to realize it.

(Anderson · Mori · Tomonogatari Law Office Mr. Kawai)
I think that it is quite difficult in Japan, but a Japanese company “is there a lot of cases done overseas?

(Mr. Yamada of AnyPay Co., Ltd.)
There are many.
Of course, some people want to do business in Japan as they have developed business in Japan, but there are also people who want to bring entities abroad and go back to work in Japan when considering regulations . If you are looking for a market other than Japan as it is, there are also places to move overseas after ICO, as it is actually because there is a good market.

…

(Anderson · Mori · Tomonogatari Law Office Mr. Kawai)
I think that you have experience with Mr. Konno saying that I sold it in Japan in cases where I carried out ICO abroad, can you tell us a little about that?

(Mr. Kono QUOINE Co., Ltd.)
We did ICO called QASH token last November, and we sold both domestically and overseas. Naturally domestically, in close contact with the Financial Services Agency, we are able to raise money in compliance with laws and regulations, and when we sell it we can raise funds including Japanese yen in the exchange we received as QUOINEX I think that it was possible to create a good case among the ICO as a very interesting example.

(Anderson · Mori · Tomonogatari Law Office Mr. Kawai)
Mr. Konno has heard that the exchange platform of virtual currency and virtual currency called QRYPTOS in Singapore, and also the platform-like thing of ICO was launched the other day.

(Mr. Kono QUOINE Co., Ltd.)
In terms of regulation, there are no users of Japanese residents, but in Singapore there are about 500,000 non-japan users, but there are users who crypto vs. crypto, so-called BINANCE I am doing QRYPTOS which is an exchange like HUOBI, OKEx.
We launched the ICO mission control ICO platform in early May, and it is on top of the ICO Token Issuer’s Duderi, but it is easy to make ICO landing page, marketing and fund raising I made a platform called.
It has been very popular since the launch, and it seems to be a serious situation to judge it quite often in around 50 companies waiting in the pipeline …

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