Japan’s FSA recognizes crypto self-regulatory body, JVCEA


  • JVCEA encompasses 16 crypto exchanges and the formal recognition.
  • “With the acquisition of the accreditation, we will continue to make further efforts to create an industry that you can trust...” states JVCEA.

The cryptocurrency regulatory authority in Japan, the Financial Services Agency (FSA) has announced support for the cryptocurrency-self regulatory body. The Japan Virtual Currency Exchange Association (JVCEA) has now been tasked with the mandate to oversee the operations of exchanges based in the country. The body encompasses 16 crypto exchanges and this license allows it to be a ‘certified fund settlement business association.’

JVCEA has been given the mandate to come up with guidelines that will be used to oversee the operations of exchange companies in Japan. This will include anti-money laundering policies as well as setting the standards that will guarantee security of customer funds on the platforms.

The attack on Coincheck where at least $530 million in NEM cryptocurrency was stolen by hackers was devastating for the exchanges in the country calling for an action to be made. The exchanges came together to launch a body that will assist the regulator in overseeing the operations of exchange platforms. The JVCEA sent a formal application to the FSA in August this year asking for recognition. Following a review that has taken roughly a couple of months the body has been allowed to go ahead with its intensions. The body has today acknowledged the approval with a statement on the website stating:

“With the acquisition of the accreditation, we will continue to make further efforts to create an industry that you can trust from everyone who uses virtual currency with members [exchanges].”

The body has already formulated a 100-page self-regulatory draft. The draft is said to be containing other rules including banning insider trading as well as anonymous coins like Dash (DASH) and Monero (XMR).

 

 

 


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin Price Forecast: BTC sandwiched between strong resistance and support levels

The BTC/USD bulls took back control following this Friday’s bearish correction. The price is currently consolidating inside the ascending triangle formation. The buyers must attempt to break past the downward trending line to break above the triangle. 

More Bitcoin News

Ethereum Price Analysis: ETH faces strong resistance wall at $360

Ethereum sees a steady rise in activity and market capitalization, all thanks to the ongoing DeFi boom. The coin bounced up from the $320 support line this Thursday and has gone up to $350 over three days. 

More Ethereum News

NEO Technical Analysis: A test of 200-HMA likely on NEO’s road to recovery

NEO/USD witnessed good two-way businesses on Friday, having finally settled in the red after fading a spike above the $23 mark. The buyers have regained control this Saturday, allowing a tepid bounce in the spot.

More NEO News

Ripple Price Forecast: XRP flashes sell signal in the hourly chart – Confluence Detector

XRP/USD has had three straight bullish sessions. XRP daily confluence detector shows moderate-to-strong resistance at $0.245. On the downside, there are two healthy support levels at $0.2425 and $0.24.

More Ripple News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Keep calm and HODL on until the USA elects the president

Bitcoin (BTC) partially regained the losses incurred at the beginning of the week; however, the upside momentum is still too weak to take the price out of the bearish territory and ensure a sustainable recovery. 

Read the weekly forecast

BTC

ETH

XRP