• Sun, 26 May 2019, 01:31 AM
  • All times are UTC
  • Edition:
    International
Link copied

Japan’s FSA officially recognizes crypto exchange group JVCEA as self-regulatory body

JVCEA Homepage Screenshot (TokenPost)

Thu, 25 Oct 2018, 06:26 am UTC

The Japanese Virtual Currency Exchange Association (JVCEA) has been approved by the country’s financial regulator as a self-regulatory industry body, CoinDesk reported.

In April 2018, 16 crypto exchanges, licensed by the Financial Services Agency (FSA), came together to establish a self-regulating organization in a bid to restore market confidence following the major hack suffered by Coincheck in January.

In a notice dated October 24, the FSA announced that it has accredited the JVCEA as a "certified fund settlement business association.” This essentially means that the JVCEA would be able to set rules for domestic crypto exchanges and take action in case of violations.

In an official statement, the JVCEA said (loosely translated), “we have enforced self-regulation rules on the same date and officially launched all work including self-regulatory work.”

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

Last week, Reuters reported that the group may require its member exchanges to hold separate bank deposits and government bonds in order to ensure that these exchanges have adequate funds to compensate users in the event of a hack.

In a separate announcement on Wednesday, the FSA also highlighted the growing interest among companies to apply for a cryptocurrency exchange license. The regulator said it has updated and released the documents required for the license.

In addition, the FSA also said that it will conduct on-site inspections after the review of the written submissions.

<Copyright © TokenPost. All Rights Reserved. >

The commenting service is available only after having logged in.
More
  • Bitcoin (BTC) $8,041.93 (+0.28%)
  • Ethereum (ETH) $251.75 (+0.48%)
  • XRP (XRP) $0.385100 (-0.26%)
  • Bitcoin Cash (BCH) $405.16 (-1.20%)
  • Litecoin (LTC) $102.98 (+2.84%)
  • Bitcoin (BTC) $8,041.93 (+0.28%)
May 24, 2019 (Friday)
12:18
Crypto Technicals: ETH/USD retraces above 1H 200-SMA, 'Hammer' on daily charts signals further gains
10:50
German engineering giant Bosch trials Ethereum blockchain
10:39
Crypto Technicals: BTG/USD grinds higher along 21-EMA, breakout at 61.8% Fib (25.74) will accentuate gains
09:33
Bank of Russia to review proposal on gold-backed cryptocurrency
09:17
Blockchain software firm Unstoppable Domains raises $4M from Draper Associates, Boost VC
08:45
Crypto Technicals: LTC/USD bounces off 21-EMA support, next bull target $109
08:45
Robinhood Crypto is now in New York
07:27
Facebook to launch its cryptocurrency 'GlobalCoin' in Q1 2020: Report
07:25
California resident sued for alleged $26M crypto Ponzi scheme
06:33
AT&T teams up with BitPay to become the first telecom to accept cryptocurrency payments
06:16
Rep. Swalwell accepting bitcoin donations in bid for US presidency
06:10
Grayscale receives FINRA approval to open Ethereum Trust to individual investors
05:12
Indian telco Airtel selects IBM for blockchain-based pan India anti-spam call solution: Report
05:07
Binance CEO CZ seeks compensation for reputational damage from Sequoia
04:06
Overstock.com’s blockchain subsidiary signs MOU with Lusaka city to develop land governance platform
03:57
Toyota, University of Tokyo, TRENDE to start testing blockchain-based electricity trading solution
03:14
Russia's NSD to roll out security token blockchain in June
May 23, 2019 (Thursday)
12:15
Crypto Technicals: IOT/USD holds 21-EMA support, retrace till 0.3185 (200-DMA) likely on break below
12:11
Coinstar extends bitcoin buying service to 21 US states
11:38
Crypto Technicals: BTC/USD bounces off session lows with 'Hammer' formation, bias neutral
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft