2018.03.07

Financial Services Agency conveys that residents in Japan cannot purchase ICO

Tavitt (Thailand) Co. Ltd. (Head Office in Bangkok, Thailand) consulted with the Financial Services Agency in Japan and was informed that residents in Japan cannot purchase ICO.
However, non-residents in Japan can still participate in ICO.
Below are some quotes from the email the Financial Services Agency sent.

“The business that your company is undertaking targeting residents in Japan corresponds with this country’s cryptocurrency exchange service.”

“Mentioning that residents in Japan are exempt from purchasing in the Whitepaper is not enough, so it is crucial that measures be taken to ensure that sales will not be made to residents in Japan so that they cannot make the purchase.”

“We don’t understand the technical aspect of Waves, but if the sales to residents in Japan or the situation in which residents in Japan can make the purchase continues, the Payment Services Act would also continue being breached.”

In brief, their views can be summarized as below:

■ Residents in Japan cannot purchase any ICOs being offered by any overseas corporations that have not registered as a cryptocurrency exchange service provider in Japan.

■ Non-residents in Japan (including, but not limited to Japanese people living overseas) can purchase ICO

■ Cryptocurrency exchange service providers not registered in Japan cannot carry out ICO if their system does not prohibit the sales to residents in Japan.

■ While the Financial Services Agency in Japan do not understand the technical aspects of Waves, they assert that the continuation of the situation in which residents in Japan can purchase ICO is breaching the Payment Services Act.

■ Residents in Japan cannot purchase any cryptocurrency sold on platforms such as Waves from any overseas corporations that have not registered as a cryptocurrency exchange service provider in Japan.

Overseas exchanges such as BINANCE, Bittrex, Poloniex are also not registered as cryptocurrency exchange services providers in Japan.

These exchanges are currently in a situation where residents in Japan can complete transactions, but the Financial Services Agency consider that the continuation of the situation in which residents in Japan can purchase is breaching the Payment Services Act.
As a result, our company will not be conducting the sales of Tavittcoin (TVC) to residents in Japan.

※ Please note that we will conduct sales to non-residents of Japan (including, but not limited to Japanese people living overseas)

※ Regardless of whether people are residents or non-residents in Japan, we will continue Airdrop (issuing of Tavittcoin)

Tavitt ICO Whitepaper
http://tavitt.co.jp/tvc/TVC_ICO_En_ver1.1.pdf