How SocialGood Differs From Traditional Tokens
Disclaimer: The text below is a press release that was not written by Cryptonews.com.
SocialGood has a smartphone app worldwide, called the SocialGood App, which allows users to earn SocialGood (SG) crypto assets for free, by shopping at over 1,800 online retailers. Shopping with the app through a process called Shopping Mining™, users can shop and receive SocialGood as a form of cryptoback.
In Japan there is no omnibus regulation governing blockchain-based tokens. The legal status of tokens under Japanese law is determined based on their functions and uses. Cryptocurrencies and utility tokens such as BTC and ETH are regulated as Crypto Assets under the Payment Services Act. Business operators who engage in buying, selling and exchanging Crypto Assets, or in the management of Crypto Assets for the benefit of others, are required to undergo registration as a provider of Crypto Asset Exchange Services. Having one of the most advanced regulatory environments, Japan recognises Bitcoin and other virtual currencies as legitimate property under the Payment Services Act (PSA). Therefore, crypto exchanges in Japan have to register and follow Anti Money Laundering regulations as a result of their legislation. Japan’s crypto exchange regulations are developing and only companies with a highly qualified Financial Bureau are permitted to exist as crypto exchanges under the PSA, but international crypto exchanges are allowed to work if they can prove a registration that is equivalent to the registration standard in their host country. SocialGood’s operating company is supported by a Japanese fitech group which was founded in 2005 and has a subsidiary registered with the Financial Services Agency. This group has achieved more than
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