• Sat, 21 Sep 2019, 11:52 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
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. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,054.80 (-1.33%)
  • Ethereum (ETH) $215.12 (-1.24%)
  • XRP (XRP) $0.290100 (-1.14%)
  • Bitcoin Cash (BCH) $311.46 (-2.20%)
  • Litecoin (LTC) $73.55 (-2.78%)
  • Bitcoin (BTC) $10,054.80 (-1.33%)
Sep 20, 2019 (Friday)
14:09
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
14:08
Crypto Technicals: LTC/USD Technical Analysis Summary
12:44
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:57
Azerbaijan's State Customs Committee seeks to exchange information with global counterparts via blockchain
10:17
Coinbase considers listing 17 new digital assets including Kadena and Telegram
10:08
Crypto Technicals: ETH/USD consolidates previous session's gains, bias bullish above 200-DMA
09:56
US Congress’ upcoming hearing with SEC to focus on cryptocurrencies and Libra
08:41
Crypto Technicals: BTC/USD retraces from 3-week lows, resumes range trade, bias neutral
07:01
Square Crypto taps former Google, Facebook and Lightning Labs execs for inaugural developer team
06:22
Crypto Technicals: XTZ/USD struggles at 200-DMA resistance (1.1209), break above to see further gains
06:22
Bank of America joins blockchain-based trade finance network Marco Polo
05:25
Patrick Byrne sells off his $100M Overstock stake to buy cryptocurrencies, blames 'deep state' and SEC
05:14
Early ethereum supporter Steven Nerayoff faces $12M cryptocurrency extortion charges
05:09
Crypto trader Genesis acquires Qu Capital to bolster trading technology
04:30
Crypto Technicals: IOT/USD Technical Analysis Summary
03:43
Pakistan's Faysal Bank becomes the country's first bank to adopt Ripple's xCurrent technology
03:40
All 7-Eleven stores in the Philippines now sell bitcoin, thanks to the new partnership of Abra, ECPay
03:37
Arab Bank Switzerland partners with Taurus to offer cryptocurrency services to its wealthy clients
03:34
IBM, Citibank, Ubisoft signed up as corporate partners of Singapore's blockchain accelerator Tribe
Sep 19, 2019 (Thursday)
12:27
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft