Japan’s cryptocurrency exchanges launched self-regulatory body 7086
Finance
Roshni Vayyapuri
Apr 24, 2018 at 6:34 PM

A group of 16 licensed Japanese cryptocurrency exchanges is seeking to restore confidence in the crypto-market by launching self-regulatory body. Japan has seen $530 million Coincheck theft in January, following this they developed a self-regulatory body to protect the confidence in the system.

According to sources the country’s financial regulator Financial Services Agency (FSA), has launched a self-regulating body that will be known as the ‘Japanese Cryptocurrency Exchange Association’.

Working alongside with FSA, the new body will create and implement new guidelines for initial coin offerings (ICOs), in addition to developing standards for a wider industry.

The association is considering imposing penalties on member activities that undermine public confidence and trust in the industries market. They will soon work on the structure to create rules for customer protection and controls, seeking hands from member companies.

These are the list of 16 licensed cryptocurrency exchanges, Money Partners, QUOINE, bitFlyer, Bit Bank, SBI Virtual Currency, GMO Coin, Bit Trade, BTC Box, BitPoint Japan, DMM Bitcoin, Bit Argo Exchange Tokyo, Bitgate, BITOCEAN, Fiscalo Currency Exchange, Xtheta and Tech BURO.

Taizen Okuyama, president, and CEO of Money Partners will be the chairman of the newly formed association.

“We are working hard to develop security measures and internal control, we will promptly promote the rules of transactions and advertisements and the information we disclose,” Okuyama said. “We want to eliminate customers’ concerns and work to restore confidence in order to develop healthy markets,” Taizen says.

He said, “I would like to create a situation where I can give advice to (unregistered exchanges). The development of the industry as a whole is important.”

The association will aid and guide to the other cryptocurrency exchanges which lack license from the FSA. Now the countries two major digital currency trade associations, Japan Blockchain Association (JBA) and the Japan Cryptocurrency Business Association (JCBA) will work under one roof.

 

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