Japan’s financial regulator (FSA) will deliver the first warning since the legalization of cryptocurrencies as a payment method in Japan. According to the FSA, foreign Agency primary location of the token, attracted Japanese investors without a license to work in the country, repeatedly ignoring the advice of the regulator on the termination of activity in Japan.
Japanese financial services Agency (FSA) will issue a warning the unregistered company engaged in the primary location of the token that conducts business in Japan without a license, according to Nikkei:
«The warning will be issued Blockchain Laboratory based in Macau. The Agency has decided that the company’s activities can lead to the fact that investors will suffer losses. FSA will work with the police and the Agency for the protection of the rights of consumers to bring the case to court if the company does not respond to the warning.»
«Blockchain Laboratory operates as an Agency for the initial placement of tokens for fundraising with a cryptocurrency», — says the publication. The company offers Advisory services in the field of cryptocurrency and ICO, as well as holding seminars to attract investors. The FSA has repeatedly and unsuccessfully advised the company «to cease their activities in Japan», — says the publication.
In April last year, the law on payment services entered into force — Japan has accepted cryptocurrency to legal tender. The law also requires kryptomere to register with the FSA. The law «allows only authorized operators or those who have applied for registration to work in Japan», — emphasized in the publication Nikkei.
Currently, Japan has 16 cryptocurrency exchanges licensed to work in the country, and another 16 applications pending. Among the latter Coincheck, which suffered losses in the amount of 58 billion yen (~ 533 million) during the recent hacking.