Asia Web3 Alliance Japan Submits Proposal to Financial Services Agency related to the partial amendments to Tokenized employee rights in LLC legislation
March 4, 2024 – Tokyo, Japan – Asia Web3 Alliance Japan has officially submitted a proposal to the Financial Services Agency related to the partial amendments to the existing limited liability companies legislation, specifically concerning tokenized employee rights.
As of February 1, 2024, the Financial Services Agency announced the publication of the “Partial Amendment to the Cabinet Office Ordinance Definitions as defined in Article 2 of the Financial Instruments and Exchange Act (Proposal)” and other related documents, which can be found here (available in Japanese only).
Asia Web3 Alliance Japan has submitted suggestions to the Financial Services Agency related to the proposed amendments to existing legislation governing Limited Liability Company (LLC) incorporation. This suggestion aims to clarify the definition of employee rights in tokenization within the existing limited liability company legislation, particularly as topics such as LLC DAO arise.
The official suggestion to the Financial Services Agency can be found in both Japanese and English language here;
20240303_Suggestion-to-FSA-V1.docx
<pdf link> https://asiaweb3alliance.jp/wp-content/uploads/2024/03/20240303_Suggestion-to-FSA-V2.docx.pdf
About Asia Web3 Alliance Japan
With over 260 corporations and individuals across Asia, Asia Web3 Alliance Japan (AWAJ) is an organization dedicated to bridging the gap between international business opportunities and the Japanese market, including both government and corporate sectors. With a mission to facilitate collaboration and innovation, AWAJ aims to analyze global market trends and tailor relevant strategies to benefit Japanese businesses.
About Financial Services Agency
The Financial Services Agency (FSA) was established in June 1998 as the institution responsible for inspecting and supervising private sector financial institutions and for surveillance of securities transactions in Japan. In January 2001, as part of a central government reorganization, the FSA became an external institution of Japan’s Cabinet Office. It assumed responsibility for managing failed financial institutions. The FSA’s mandate includes regulating finance to enhance the welfare of Japanese nationals through sustainable corporate and economic growth and facilitating stable asset accumulation. This is achieved by balancing the financial system and its intermediation functions, protecting, and convening users, ensuring market fairness and transparency, and adapting to rapid changes in the financial environment.
Sources
“Announcement on ‘Cabinet Order Amending Part of the Cabinet Order Concerning Definitions under Article 2 of the Financial Instruments and Exchange Act”, released on February 1, 2024, Financial Services Agency: https://www.fsa.go.jp/news/r5/shouken/20240201/20240201.html
“About the Financial Services Agency”, published in March 2023, Financial Services Agency: https://www.fsa.go.jp/en/about/pamphlet_e.pdf
NFTStudio24 Interview: 政治家・平将明氏に聞く、日本におけるDAOの活用術とブロックチェーン技術が持つ可能性 https://jp.nftstudio24.com/massaki-taira-2024-dao-plan/