Japanese Regulator Warns Unregistered Macau-Based Crypto OperatorFebruary 14, 2018 1:07 pm
An unregistered Macau-based cryptocurrency exchange operator has been warned against soliciting investors in Japan, Cryptocoinsnews reported Wednesday.
Japan’s Financial Services Agency (FSA) issued its first warning against Blockchain Laboratory, an unregistered firm reportedly pursuing investors in the country, the report said.
Under the country’s revised payment services law, which was revised in April 2017 and which recognized bitcoin as a legal method payment, unregistered cryptocurrency exchanges are prohibited from operating in the country, the report said.
There are exceptions to the law, the report said, which allow exchanges operating prior to the updated legislation to exist. Coincheck, a Tokyo-based exchange that suffered a major theft recently, is a notable example.
Blockchain Laboratory, the Nikkei reports, offers services as “an initial coin offering agency” raising funds using cryptocurrencies. However, the firm was found to be offering seminars to prospective investors in Japan and, despite repeated FSA warnings to cease its activities in Japan, continued to do so. Concerned over possible investor losses, Japan’s financial regulator has now issued a direct warning to the ICO operator.
If Blockchain Laboratory fails to respond to the warning, the report said, the FSA is reportedly weighing criminal charges and is currently working with police and Japan’s Consumer Affairs Agency.
– WN.com, Jack Durschlag