borrowing and lending, and joint venture management. As a result, any intermediary wishing to operate only brokerage business, for example, would have to meet the high minimum paid-up capital rule despite its

for every case even though it will be offered via private placement. For example, the normal regulations will be obstacles in the process of pre-ICO and private sale.Therefore, SEC intends to relax

electronic format. In addition, the CMSB has resolved to relax the following requirements for business operations in 2020 to mitigate the impact of COVID-19, namely,(1)   The asset due diligence, (2) the