Japan warns cryptocurrency firm over unlicensed operation

The Finance Service Agency has warned a Macau-based cryptocurrency firm that is allegedly operating without a licence

What has happened?

The Japanese financial regulator has issued an official warning to a cryptocurrency firm that is allegedly operating without a licence.

What does this mean?

The Finance Service Agency (FSA) has said that Macau-based cryptocurrency firm Blockchain Laboratory has been offering unregistered services related to initial coin offerings (ICOs) and cryptocurrency trading.

The FSA also published a statement explaining that the firm has failed to register under the Financial Instruments and Exchange Act while raising funds, making private offerings and facilitating ICOs in Japan.

The regulator also indicated that it had already issued several unofficial warnings to the firm, before making this one public.

In April last year, Japan legalised bitcoin as a method of payment and this is the first warning it has issued over a cryptocurrency service.

Next steps

If you want to take advantage of blockchain's huge potential and disruptive impact, while avoiding falling foul of ever-developing regulatory and legal requirements, visit our Hogan Lovells Engage Blockchain Toolkit.

Contacts
John Salmon
Partner
London
Languages English
Topics Blockchain
Countries Japan

 

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