Japan Approves Self-Regulation for Cryptocurrency Industry
Japan’s primary financial regulator has formally granted the cryptocurrency industry with a self-regulatory status. The regulator allowed an industry body to police domestic exchanges.
The Financial Services Agency (FSA) on Wednesday approved the Japan Virtual Currency Exchange Association (JVCEA) which is a body comprised of all 16 licensed domestic cryptocurrency exchanges, to become a ‘certified fund settlement business association.’
In doing as such, the controller has presented the business body with the way to make rules for local trades including strict measures to check insider exchanging and illegal tax avoidance while actualizing security models to defend client resources.
The business affiliation affirmed its accreditation in an announcement today, focusing on it has “implemented self-direction governs on a similar date.”
It added:
“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].”