Thank you for supporting Dash Japan's proposal.
https://www.dashcentral.org/p/listing-dash-in-japan
https://app.dashnexus.org/proposals/listing-dash-in-japan/overview
We are pleased to announce that the legal memorandum on Dash by Anderson Mori & Tomotsune (AMT) is finally complete. Thank you for your patience. We apologize for the lack of updates from last July until today.
The memorandum is available in English and Japanese and will soon be disclosed to Japanese crypto exchanges. It will also be revealed to JFSA and JVCEA in the near future. This memorandum is not available to the public, but We can tell you that the Dash Core Group(DCG) appreciates its contents. And We are confident that the best lawyers at AMT have done the best job possible.
There are several reasons why it took so long to complete. The lawyers who authored this memorandum are among the AMT's most experts in cryptocurrencies and have worked with regulators. Therefore, they are busy with advisory contracts with many cryptocurrency industry entities. We do not have any advisory agreements due to a lack of budget. They also had to conduct a more careful re-examination of Dash because it was classified as an AEC in a U.S. Department of Justice report（https://www.justice.gov/archives/ag/page/file/1326061/download） that was released about six months after the start of the memorandum creation.
I want to thank AMT for creating this excellent memorandum. I would also like to thank DCG for supporting the creation of the memorandum.
In the meantime, we have stopped asking memorandums to be prepared by CPAs. We had attempted to create the memorandum on the auditability of Dash in September 2019, as this was requested by someone involved in regulation. However, since this person has left the regulatory body, we asked the body again if they needed a memorandum. They replied that their staff requested the memorandum on the auditability of Dash out of personal interest and that they had not officially requested a memorandum and did not need one.
In addition, the listing of Coinbase (audited by Deloitte & Touche) on Nasdaq has made it clear to all that Dash can audit the accounts of the exchanges on which it is listed. There are several exchanges in Japan that are audited by the Big Four accounting firms (Deloitte, Ernst & Young, KPMG, and PwC). The views of the big four have a strong influence on regulators. Until Coinbase changed its auditor to Deloitte in April 2020, there are probably no examples of exchanges listing Dash being audited by the Big Four.
We consulted with DCG and decided that a memorandum on auditability was not necessary. The funds we receive will be surplus. We are trying to find a way to use it to help list Dash in Japan. All of the funds we have received have been converted to USD by DCG and held in escrow. The balance has not changed since our last report. Of course, the funds are not being used for the day-to-day activities of the Dash Japan team. We work on a volunteer basis in addition to our day jobs.
It is still undecided when a licensed exchange in Japan will list Dash. Unfortunately, the time is not coming soon, as the process by which Japanese exchanges list coins is complicated. However, we are convinced that no factor prevents Japanese exchanges from listing Dash. We are in direct dialogue with several exchanges.
We will continue to work mightily for listing Dash. If you have any questions, please feel free to reply.
https://www.dashcentral.org/p/listing-dash-in-japan
https://app.dashnexus.org/proposals/listing-dash-in-japan/overview
We are pleased to announce that the legal memorandum on Dash by Anderson Mori & Tomotsune (AMT) is finally complete. Thank you for your patience. We apologize for the lack of updates from last July until today.
The memorandum is available in English and Japanese and will soon be disclosed to Japanese crypto exchanges. It will also be revealed to JFSA and JVCEA in the near future. This memorandum is not available to the public, but We can tell you that the Dash Core Group(DCG) appreciates its contents. And We are confident that the best lawyers at AMT have done the best job possible.
There are several reasons why it took so long to complete. The lawyers who authored this memorandum are among the AMT's most experts in cryptocurrencies and have worked with regulators. Therefore, they are busy with advisory contracts with many cryptocurrency industry entities. We do not have any advisory agreements due to a lack of budget. They also had to conduct a more careful re-examination of Dash because it was classified as an AEC in a U.S. Department of Justice report（https://www.justice.gov/archives/ag/page/file/1326061/download） that was released about six months after the start of the memorandum creation.
I want to thank AMT for creating this excellent memorandum. I would also like to thank DCG for supporting the creation of the memorandum.
In the meantime, we have stopped asking memorandums to be prepared by CPAs. We had attempted to create the memorandum on the auditability of Dash in September 2019, as this was requested by someone involved in regulation. However, since this person has left the regulatory body, we asked the body again if they needed a memorandum. They replied that their staff requested the memorandum on the auditability of Dash out of personal interest and that they had not officially requested a memorandum and did not need one.
In addition, the listing of Coinbase (audited by Deloitte & Touche) on Nasdaq has made it clear to all that Dash can audit the accounts of the exchanges on which it is listed. There are several exchanges in Japan that are audited by the Big Four accounting firms (Deloitte, Ernst & Young, KPMG, and PwC). The views of the big four have a strong influence on regulators. Until Coinbase changed its auditor to Deloitte in April 2020, there are probably no examples of exchanges listing Dash being audited by the Big Four.
We consulted with DCG and decided that a memorandum on auditability was not necessary. The funds we receive will be surplus. We are trying to find a way to use it to help list Dash in Japan. All of the funds we have received have been converted to USD by DCG and held in escrow. The balance has not changed since our last report. Of course, the funds are not being used for the day-to-day activities of the Dash Japan team. We work on a volunteer basis in addition to our day jobs.
It is still undecided when a licensed exchange in Japan will list Dash. Unfortunately, the time is not coming soon, as the process by which Japanese exchanges list coins is complicated. However, we are convinced that no factor prevents Japanese exchanges from listing Dash. We are in direct dialogue with several exchanges.
We will continue to work mightily for listing Dash. If you have any questions, please feel free to reply.