• Sat, Jan 19, 2019 06:37 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)

Oct 25, 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) $3,666.13 (-0.03%)
  • XRP (XRP) $0.326700 (-0.38%)
  • Ethereum (ETH) $121.65 (-1.08%)
  • Bitcoin Cash (BCH) $128.18 (-1.33%)
  • EOS (EOS) $2.47 (-1.35%)
  • Bitcoin (BTC) $3,666.13 (-0.03%)
Jan 18, 2019 (Friday)
11:26
Former Governor of Banque De France joins board of blockchain startup SETL
10:26
SAP launches blockchain solution to track pharmaceutical drugs
07:22
Crypto exchange Coinbase acquires Blockspring
06:37
ConsenSys co-founder Joseph Lubin joins crypto futures platform ErisX’s board
05:22
SEAT joins Spanish blockchain consortium Alastria
04:20
LG CNS joins Enterprise Ethereum Alliance
03:46
Grayscale launches investment trust for Stellar Lumens
Jan 17, 2019 (Thursday)
12:04
Wyoming lawmakers introduce bill to allow issuance of tokenized stock certificates
10:57
NGA Human Resources seeks to bring blockchain technology to HR & payroll processes
10:07
WWF unveils blockchain-based food provenance platform ‘OpenSC’
08:53
ABCC becomes first crypto exchange to add support for TRON’s TRC-10 tokens
07:16
South Korea’s Financial Services Commission to launch fintech sandbox in April
06:38
BitGo simplifies crypto trading for institutional clients via Genesis partnership
05:08
UPS’ venture arm invests in blockchain-based e-commerce startup Inxeption
04:08
Crypto exchange Binance enters European markets with new Jersey-based exchange
03:39
Blockchain firm R3 announces Corda Network and new governing foundation
Jan 16, 2019 (Wednesday)
11:52
Oil majors Chevron and Total join blockchain platform for energy commodity trading ‘Vakt’
10:45
Gibraltar Blockchain Exchange adds support for EOS on GBX-DAX
10:21
Blockchain startup Bitfury launches music division ‘Bitfury Surround’
09:34
Dubai telecom company du to develop blockchain solution for patient safety
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft