In late March 2018, we received a notice from the Financial Services Agency of Japan. Their accusation is “Your business for Japanese residents is in violation of the Japan Virtual Currency Law and you must promptly take corrective action”. We investigated the facts of this request and confirmed that this request is valid based on the relevant laws of Japan. Also, during the response to this case, the FSA issued a warning against a major exchange in Hong Kong. We came to realize that it is necessary to investigate the regulations in individual countries and regions since they change rapidly.
Therefore, we decided to stop the provision of all the following services on March 31, 2018, and temporarily shut down the service website until confirmation about the legality of the project is established.
Disabled functions after April 1, 2018
- Create a new service account
- Login to service（*Exclude rewards holder）
- All Bounty program
- All CPA affiliate program
- All advertisements
*In order to preserve the rights and property on earned wages for users who earn compensation in Bounty and CPA affiliate program by March 31, 2018, the following functions can be used until April 30, 2018.
- Login to service
- Request payouts
- Get all reports
*Payout request was closed on April 30, 2018. After May 1st, service login is restricted except for “CC Coin” holders. We will finish securing and moving the “CC Coin” asset by June 29.
Regarding “CCM (CryptoClick Market)” we have been working on building a development and management system jointly with a number of companies including financial system vendors, we decided to withdraw our capital and continue development with the new regime. All contracts with each token issuer that had been decided on listing in the past consultations are delegated to the new regime and development is progressing toward the service launch in the summer of 2018.
Since October 2017 launched CCA, and we have continued running forward without stopping. We love the challenge of new things and highly appreciate Japan’s efforts to improve the tax system and regulations in advance of the world to actively contribute to the sound development of the virtual currency market. Unfortunately, our business has been deemed no longer legal by Japanese laws and its interpretation, but we have dealt with this case as soon as possible with respect to their decision. Now we aim to resume our service as fast as possible and communicate with relevant authorities. We realized that everyone who uses our service is worried, but we do not wish to cause unnecessary anxiety and confusion for the Japanese FSA.