Blockchain Business and its Regulation

Author Name YANO Makoto (President, RIETI) / Chris DAI (Leland Capital / Recika) / MASUDA Kenichi (Anderson Mori & Tomotsune) / KISHIMOTO Yoshio (Organization for Small & Medium Enterprises and Regional Innovation, JAPAN)
Creation Date/NO. November 2019 19-P-030
Research Project Evidence-based Policy Study on the Law and Economics of Market Quality
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As the blockchain industry is becoming larger, a new decentralized financial ecosystem is now developing. New financial devices, represented by terms like tokens, coins and ICOs are introduced to finance projects on blockchain. Many countries are now studying how to deal with this new financial ecosystem. The U.S. is now regulating it by the Securities Act whereas Japan is applying the Money Settlement Act and the Financial Instruments and Exchange Act. In this paper, without going into country-specific regulatory issues, we will investigate how the society may deal with the new decentralized financial ecosystem from the regulatory viewpoint.