A village in Japan has announced its conclusion to launch an initial coin offering in order to secure funds for imagining a sustainable region. This will be the first time in Japan for a city to use a token sale to raise funds.
Also read: Yahoo! Japan Seals Entrance Into the Crypto Space
Local Government Launching ICO
A village in Japan has irrefutable to issue an initial coin offering (ICO) which it describes as “Japan’s anything else decision to issue a regional ICO by a local government.”
Nishiawakura Village is in Okayama Prefecture, which is unearthed in the southern part of Japan’s Honshu island. The prefecture is largely recognized for its rural landscapes, feudal castles and art museums. With 95% of the room covered in forest, the village has a population of approximately 1,500. In the early 2000s, the village rubbished to merge with Mimasaka City when municipalities nationwide consolidated, unsound to remain economically independent.
According to the village’s announcement:
In order to aid the creation of a sustainable region in the future, as a means for small local regulations to secure new financing resources and to build up regions through upfront investment, proofs issuance, and the creation of virtual currencies, we will introduce fundraising because of an ICO for the first time as a municipality in Japan.
Village’s Coins
The village’s reminders will be called Nishiawakura Coin (NAC) and will be issued by the Nishiawakura Village Remembrancer Economy Association. The NAC coins will carry voting rights which take into account their holders to participate in decision making relating to local broaches, the village explained.
“We plan to advance according to the revised fund establishment law…in line with the self-regulation rules on the management and finance by the Japan Essential Currency Exchange Industry Association,” according to the announcement. This hustle association was established in April and consists of 16 government-approved crypto interchanges. The revised fund settlement law went into effect in Japan rearmost year, legalizing crypto as a means of payment. The village added:
The funds acquired will carry out business development, etc. in collaboration with Nishiawakura Village, and will exhibit a sustainable community.
Currently, Japan has no specific law for ICOs, but the regulators entertain recently been discussing a specific regulatory framework for them. In February, the wilderness’s top financial regulator, the Financial Services Agency (FSA), issued a warning to an unregistered ICO for allegedly conducting role without a license.
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Images courtesy of Shutterstock, Okayama-iju, Becomes, and Nishiawakura Village.
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