Update: COMSA poised to be industry standard ICO platform
Working closely with FSA
TOKYO – December 29, 2017 — Tech Bureau, a fintech and cryptocurrency solutions company, reports that it has been exchanging status updates with oversight authorities in its efforts toward making COMSA an industry and global standard ICO medium.
In 2017, ICOs (Initial Coin Offerings or token sales) garnered a lot of attention in Japan as a fundraising method that leverages token issuance on the blockchain technology. Notably, among many of Tech Bureau’s projects, COMSA, in its own ICO, succeeded in raising USD 95.6 million from not just Japan but from all over the world. This fundraiser is now recognized as Japan’s first major ICO project.
While there has been explosive growth in ICOs, there have also been some issues that have caught the attention of regulators. There are concerns that some ICOs have not had a bona fide project or business. In addition, some have lacked transparency – the amounts in token sales have not been revealed. In response, regulatory agencies around the world and industry groups in Japan have issued guidelines to protect consumers and ICO users:
- Statement on Cryptocurrencies and Initial Coin Offerings (December 11, 2017)
Securities and Exchange Commission (SEC), U.S.
https://www.sec.gov/news/public-statement/statement-clayton-2017-12-11 - Statement on Initial Coin Offerings (December 15, 2017)
Financial Conduct Authority (FCA), U.K.
https://www.fca.org.uk/news/statements/initial-coin-offerings - Initial Coin Offerings (ICOs) – User and business operator warning about the risks of ICOs – (October 27, 2017)
Financial Services Agency (FSA), Japan
http://www.fsa.go.jp/policy/virtual_currency/07.pdf - Draft “Guidelines for Anti-Money Laundering and Combating the Financing of Terrorism” and the draft amendments to the “Comprehensive Guidelines for Supervision of Major Banks, etc.” (December 8, 2017)
Financial Services Agency (FSA), Japan
http://www.fsa.go.jp/news/29/20171208/fsa_maneron2912.html (in Japanese) - Statement on Initial Coin Offerings (November 15, 2017)
Blockchain Collaborative Consortium (BCCC), Japan
http://bccc.global/ja/articles/20171115.html (in Japanese) - Correspondence on Initial Coin Offerings (December 8, 2017)
Japan Cryptocurrency Business Association (JCBA), Japan
https://cryptocurrency-association.org/cms2017/wp-content/uploads/2017/12/20171208_01.pdf (in Japanese)
Tech Bureau has kept abreast of these developments in the rapidly growing token economy, and has been closely working with the FSA in accordance with its core values and market expectations that COMSA strengthen its status as the most trustworthy ICO platform.
With these core activities, Tech Bureau reaffirms its commitment in:
- Maintaining a high level of compliance with an emphasis on the promotion of legitimate and sensible ICO projects.
- Continuing to develop COMSA as a made-in-Japan ICO platform with a global reputation of trustworthiness.
- Avoiding the “Galapagos syndrome” in its ICO platform by adopting global standards and taking on ICO projects that are welcomed on the global stage.
In its adherence to its core values and the rapid changes in the marketplace, Tech Bureau requests your understanding that some ICO projects planned for a 2017 launch have been postponed to 2018.
With the expectation of hearing people say, “COMSA is the ICO platform of choice!” Tech bureau will continue working closely with related parties.
We at Tech Bureau appreciate your support of COMSA and extend wishes for a happy and prosperous 2018!