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New Crypto Regulations Proposed in Japan

In this newsletter, we provide an outline of the final report of the “Study Group on the Virtual Currency Exchange Services” released by the Financial Services Agency of Japan on December 21, 2018, which proposed major reforms to the regulatory framework for virtual currencies and security tokens.

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Finance Law Newsletter (January 2019) (929 KB / 6 pages) Download PDF [930 KB]

Authors

有吉 尚哉

His extensive experience includes securitization transactions regarding a wide variety of receivables and other asset classes as a legal counsel for originators, arrangers, and trustees, and he has worked on structured finance transactions involving various schemes, including those achieved for the first time ever in Japan. He has a great deal of experience engaging in the development of new trust products and complicated trust schemes. As he has worked at the Corporate Accounting and Disclosure Division, the Planning and Coordination Bureau, the Financial Services Agency of Japan, and also has experience engaging in the planning of the financial regulations there, he has provided advice to many financial institutions, including banks, trust banks, securities firms, insurance companies, and nonbanks, as well as business companies and start-ups which enter the financial businesses. He also has a great deal of experience advising companies with respect to the application of the financial regulations on novel transactions or products, including FinTech areas. He has a wealth of experience participating as a member of various study groups and working groups, including government and academia conferences, and has frequently written and spoken on a wide range of topics involving legal systems and finance practice; thus, he is recognized as an opinion leader in the field of finance law.

谷澤 進

After earning his LL.M. at Vanderbilt University Law School in the U.S., he worked as a secondee at a NY office of a leading Japanese bank and the Tokyo office of an international investment bank. Upon returning to N&A, he developed an extensive track record in a broad range of finance matters, including financial regulations, capital markets (especially REIT), ship finance, M&A in the financial sector, compliance, and communication with financial authorities. He is one of the main members of our FinTech practice team and has extensive experience with respect to FinTech-related matters, and has advised a wide variety of clients, ranging from traditional financial institutions to start-ups. He also has particular expertise in regard to the payment space. In addition, he advises clients on financial regulations in M&A transactions involving financial institutions, and has experience in a broad range of cross-border matters, including inbound and outbound transactions.

芝 章浩

Akihiro Shiba represents a wide range of clients, including numerous financial institutions and FinTech firms, within and outside Japan, in connection with licensing, compliance and other regulatory matters (such as those related to banking, securities, derivatives, and payments regulations, FDI restrictions, and AML/CFT/CPF requirements), and domestic and cross-border financial transactions (including those related to structured finance and asset management). Since 2014, his practice has focused on various FinTech matters, including those involving various digital tokens (such as cryptocurrencies, securities tokens, stablecoins, and NFTs), online platform-based financial transactions (like social lending and other crowdfunding), and online remittance and payment services (such as mobile payments). He has written numerous books and articles, and given many seminars and lectures, on subjects relevant to his practice areas.