foreign country equivalent to PSA, pursuant to a registration equivalent to the registration as a Funds Transfer Service Provider in Japan (Article 2(4) of PSA). Which foreign laws are equivalent to PSA requires confirmation on a case-by-case basis, but for example, a business operator with a remittance service license under the law of an EU member country based on the EU Payment Services Directive is a Foreign Funds Transfer Service Provider. 24 "Foreign Funds Transfer Service Provider": A person conducting exchange transactions as a business under the law of a Only a Type 1 Small Amount Electronic Public Offering Service Operator can handle share-type crowdfunding pursuant to the self-regulatory rules of the Japan Securities Dealers' Association, of which Type 1 Financial Instruments Business Operators are usually members (Rule 4(3) of the Rules on Share- and Investment-Type Crowdfunding Services). Therefore, the operation of a platform like the above is permitted only when the total value of the amount sought by way of investment-type crowdfunding in the preceding one year is less than 100 million yen, and the investment of each investor (excluding Professional Investors) is no more than 500,000 yen. foreign FinTech companies, etc. planning to establish a business base in Tokyo free support with administrative procedures and general consulting services including company formation and inquiries to financial experts, etc. in coordination with FSA. In addition, the FinTech Support Desk of the FSA can be consulted on initial questions on the interpretation of laws and regulations, business models, and a wide range of procedures, etc. under the financial laws and regulations related to FinTech businesses. To operate a Type 1, Type 2 or Type 3 Funds Transfer Services, a business must register with the Director-General of the relevant Local Finance (Branch) Bureau (Article 37 of the PSA), and in the case of a Type 1 Funds Transfer Service, also receive authorization of its business implementation plan (Article 40-2 of the PSA). Only a stock company established under the Companies Act or a Foreign Funds Transfer Service Provider24 that meets certain criteria can register as a Funds Transfer Service (Article 40(1)(i) of PSA). A Foreign Funds Transfer Service Provider must also register as a Funds Transfer Service Provider under PSA in order to solicit persons in Japan for exchange transactions, unless otherwise provided for by law (Article 63 of PSA). A Foreign Funds Transfer Service Provider that wishes to register as a Funds Transfer Service Provider under PSA should do so with the Director-General of the Local Finance (Branch) Bureau with jurisdiction over its principal place of business in Japan. Registration of a "Foreign Funds Transfer Service Provider" as a Funds Transfer Service Provider A Foreign Funds Transfer Service Provider that meets the following conditions can register as a Funds Transfer Service Provider (Article 40(1)(i) and (ii) of PSA): (1) It has a place of business in Japan; and (2) It appoints a representative in Japan (limited to a person who is domiciled in Japan). (3) Registration Procedures for Major FinTech Business Types Before beginning the registration screening procedures, TMG’s Financial One-Stop Support Service offers a. Funds Transfer Services 59
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