Japanese exchanges will begin self-regulation of the cryptocurrency market in April
Two groups of representatives from the Japanese cryptocurrency industry have decided to form an as-yet-unnamed organization that will begin self-regulation of the cryptocurrency market starting next month with the Japanese Financial Services Agency (FSA). Writes about this Nikkei Asian Review.
The decision to cooperate of this kind was made against the backdrop of the January hack of the Coincheck exchange..
One of the groups that became part of the new body is the Japan Cryptocurrency Business Association (JCBA), which includes 16 cryptocurrency market operators. The organization will develop uniform standards in order to protect the interests of investors, including the presentation of the rules for the ICO. According to the Nikkei Asian Review, the group will be able to enforce rules from its members, as is the case with the Japan Association of Securities Dealers..
Taizen Okuyama, president of the foreign exchange trading platform Money Partners Group and chairman of JCBA, will also chair the new organization. According to him, the task of the new body is to completely transfer the Japanese cryptocurrency sector to the principles of self-regulation..
Yuzo Kano, CEO of Tokyo-based exchange bitFlyer and head of the Japan Blockchain Association, will take over as vice chairman.
If the group is endowed with appropriate powers by the government of the country, it will be able to prohibit the circulation of certain virtual currencies on Japanese exchanges, if, for example, it suspects that they can be used for money laundering, the newspaper writes. The organization is currently awaiting FSA approval and is accepting new members from registered cryptocurrency operators and exchanges..
Initially, Reuters announced the possibility of creating such a body in mid-February..
Also, earlier it became known about the creation of a structure for self-regulation of the cryptocurrency sphere called CryptoUK, which included BlockEx, CEX.IO, Coinbase, CoinShares, CommerceBlock, CryptoCompare and eToro.
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