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ieo

Japan plans to incorporate cryptocurrency assets into the securities regulatory framework

According to Cointelegraph, Japan's financial regulatory system is undergoing a significant shift. The Financial Services Agency (FSA) released the latest report from the Financial System Council's working group on Wednesday, proposing to shift the regulatory basis for crypto assets from the current Payment Services Act (PSA) to the Financial Instruments and Exchange Act (FIEA), which primarily targets investment and securities markets.The report points out that crypto assets are increasingly becoming investment targets both domestically and internationally, thus requiring user protection based on financial product standards.Key changes include:Strengthened IEO disclosure: If incorporated into the FIEA, exchange-led IEOs (Initial Exchange Offerings) will be required to conduct stricter pre-sale disclosures, including information about the core project team, independent third-party code audits, and the inclusion of self-regulatory organization opinions.Real-name disclosure by issuers: Regardless of whether they are decentralized, issuers must disclose their identities and the token issuance and distribution models.Enhanced enforcement powers: The new framework will grant regulatory authorities stronger tools to combat unregistered platforms, especially those operating overseas or similar to DEXs, and will explicitly prohibit insider trading, aligning overall direction with the EU's MiCA and South Korean regulations.Concurrent tax reform: At this time, the Japanese government is considering unifying the tax rate on crypto trading profits to a single rate of 20%.Cautious attitude towards derivatives: On the same day, the FSA also expressed a cautious stance on the licensing of overseas crypto ETFs, believing that the underlying assets are not ideal.

He Yi: The platform does not hold the pricing power of new coins, and the "haircut" era may come to an end

ChainCatcher news, Binance co-founder He Yi posted on Binance Square stating: "2017 was the era of ICOs, where simply grabbing a share could make money. In 2021, with the rise of DeFi, as long as you ran fast with meme coins, you could make money; buying new projects instead of old ones was also a typical feature of this period. But now, IEOs are generally considered to have legal risks in most countries, so they can only rely on airdrops and market pricing, which means if the circulation is large and the opening price is low, the project's performance is relatively stable, such as BB and LISTA. However, compared to 2021, the price increase is still too fast, lacking sufficient washout processes.The upcoming rise in 2024 is initiated by the BTC ETF, with top-tier projects and yield farming studios working together to create impressive data, allowing project parties to raise more money from VCs. On the other hand, project parties with money and users are very confident; with millions of users on-chain, it doesn't matter if they are listed on a certain platform, as there are plenty of CEXs to list on, and if not on CEX, there are DEXs, and if all else fails, there’s their own native DEX on their chain. Trading platforms do not hold pricing power, so for projects with high valuations, users need to look at the fundamentals, not just the market cap, and it’s best to also consider the circulation.Now, the infighting among yield farming studios and L2 projects has turned into a farce, and the yield farming era may be coming to an end. As ordinary investors, using strategies from the 2017 ICOs, 2021 IEOs, or even the 2023 yield farming strategies may not be suitable for today's market."
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