Regarding the release of ’Financial Services Agency conveys that residents in Japan cannot purchase ICO’
A number of debates have been sparked due to the content of the press release Tavitt (Thailand) Co., Ltd. (Head office: Bangkok, Thailand) made on the 7th of March. We would like to add our view on the point that is being debated the most which is about whether residents in Japan can purchase ICO from overseas corporations.
After the consultation with the Financial Services Agency, we understood that residents in Japan cannot purchase ICO for the following reasons:
- Corporations need to be registered as an exchange business in order for them to undertake ICO for cryptocurrency even if they are overseas corporations. (Reference to email from Financial Services Agency)
- According to Japanese law, overseas corporations which are not registered as exchange businesses must take measures to ensure that residents in Japan cannot participate. (Reference to email from Financial Services Agency)
- By considering point 1 and 2, it could be said that in order for residents in Japan to take part in ICO from overseas corporations, they must either participate in illegal ICOs or pretend that they are non-residents of Japan.
- To explain point 3 in more detail, for residents in Japan to take part in overseas corporations’ ICOs, they must approve the fact that this corporation is undertaking illegal action (this will also indicate that the purchaser is also taking part in this illegal action), or they must provide a false statement on their own which is also illegal activity. As a result, residents in Japan cannot take part in ICOs from overseas corporations.
In addition, the content of what was being debated on twitter etc. after this press release was in fact educational for our company, and we hope to utilize what we learnt through this in future business activities.
Our company’s main business activity is the offering of a service named ‘Travel Recommendation Service’ which aims to provide people with the chance to discover something new.
Please feel free to have a look.
Although residents in Japan cannot participate in this ICO, we are currently creating the above mentioned service in Japanese, and we hope to continue developing more functions. Therefore, we hope that you will continue to support us as we greatly appreciate this.