Accelerating preparations to make COMSA a regulated ICO platform

TOKYO –February 3, 2018 — Today Tech Bureau, a fintech and cryptocurrency solutions company, announced it is accelerating preparations for making COMSA a regulated ICO platform business under the Payment Services Act of Japan.


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After the revised Payment Services Act of Japan came into effect April 1, 2017, Tech Bureau registered with the FSA as an authorized Cryptocurrency Exchange Service Provider on September 29, 2017.

In response to the nationwide cryptocurrency boom, the FSA formed the Cryptocurrency Monitoring Team to review applications centrally, as well as monitor activities related to cryptocurrencies and tokens. In October 2017, it released a memo entitled “Initial Coin Offerings (ICOs) – User and business operator warning about the risks of ICOs”, specifically calling attention to the potential applicability of Securities regulations to a specific type of “ICO token” that meets the definition of “Securities” under the Financial Instruments and Exchange Act of Japan.

Following the FSA’s public communication, the Japan Cryptocurrency Business Association, a self-regulating organization with registered Cryptocurrency Exchange Service Providers as regular members, released December 2017 a position paper (in Japanese) entitled “Guidance on Initial Coin Offerings,” in which it acknowledges that utility tokens are generally deemed to be cryptocurrency under the Payment Services Act of Japan.

Taking into consideration the evolving and stiffening regulatory environment surrounding ICOs, Tech Bureau is determined to strengthen its organization through reform, putting in place the necessary governance structure and internal policies, and turning COMSA’s ICO Platform into a regulated business that can offer cryptocurrency exchange services.

What’s next?

To turn the COMSA ICO Platform into a Cryptocurrency Exchange Service, Tech Bureau needs to introduce a governance structure in accordance with the revised Payment Services Act. As a result of this transformation, users of the COMSA ICO platform can initiate their token sales in a safer (regulated) environment.
While the regulatory treatment of ICOs remains in a state of flux around the world and the status of token sellers is tenuous, Tech Bureau aims to adhere to high regulatory standards, taking the lead in adopting global ICO practices, thereby making COMSA an exemplary cryptocurrency exchange business.


COMSA offers a one-stop solution, providing clients with consultation, expertise and solutions to support their ICO campaigns and implementations of blockchain technology into their businesses. It is an integrated platform that corporate clients can use to fundraise by selling tokens, or tokenizing corporate assets. Tech Bureau exclusively provides these services as a one-stop solution with its Zaif cryptocurrency exchange and mijin private blockchain technology.

About ICOs and ICO tokens in Japan

ICO stands for Initial Coin Offering which are often called “token sales.” With this method, a company or project can sell assets digitally as electronic tokens to raise funds from the public.

In Japan, utility tokens, also called user tokens or app coins, representing future access to a company’s product or service, sold in ICOs are considered to be “cryptocurrencies sold to unspecified persons” under the Payment Services Act, such that selling activities may not be undertaken unless registered as Cryptocurrency Exchange Services with the relevant local finance bureau.

The legal characteristics of ICO tokens must be reviewed on a facts-and-circumstances basis, so that they might be treated as Securities, or more specifically under the Collective Investment Scheme, and be regulated under the Financial Instruments and Exchange Act of Japan.

Cryptocurrency Exchange Service Providers

The Payment Services Act of Japan, Article 2-8, requires strict accounting, security, and separate management of customers’ assets. In addition, user protection is mandatory.

The list of authorized Cryptocurrency Exchange Service Providers is here.
The following notices are published on the FSA’s website:

About the List of authorized Cryptocurrency Exchange Service Providers

  • Cryptocurrency exchange service providers that deal in listed cryptocurrencies are only recognized by the FSA based on the explanation given by the service providers themselves under the definition of the Payment Services Act.
  • This means the FSA and/or finance bureau do not guarantee the value of cryptocurrencies or even recommend them as cryptocurrencies do not have any underlying assets.
  • Carefully read the below notices before entering into cryptocurrency exchange.

Important notices regarding cryptocurrencies

  • Cryptocurrencies are not “fiat currencies” whose values are guaranteed like the Japanese yen or US dollar are. A cryptocurrency is electronic data that is exchanged on the internet.
  • A cryptocurrency may fluctuate in price. There are risks that the price of a cryptocurrency may suddenly fall or become worthless.
  • All cryptocurrency exchange service providers need to be registered with the FSA and/or finance bureau. Make sure that the service provider is registered before using the service.
  • When considering engaging in cryptocurrency exchange, read all provided information on products and exchanges to understand the nature of the transaction and gain a solid basis for making a decision.
  • The number of inquiries for consultations regarding cryptocurrency and scam coins is increasing. Be aware that scams or malicious business methods that use cryptocurrency or introduce cryptocurrency exchange services exist.

About Tech Bureau Group

Tech Bureau, a fintech and cryptocurrency group company in Japan, the U.S., and Europe, develops software and services for blockchain technology. Tech Bureau has developed mijin, a private blockchain software, and Zaif, a Bitcoin and cryptocurrency exchange platform.

Tech Bureau recently launched a one-stop solution, COMSA, that provides companies with consultation, expertise, and solutions to support their very own ICOs and implementations of blockchain technology into their businesses.

For more information, please see the following URLs:
Zaif® –
mijin® –

Press contact Tech Bureau: Fujita / / +81-6-6533-2230

All product and company names herein may be trademarks of their registered owners.


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