Agency financial services Japan (FSA), the country’s main financial regulator, on Wednesday granted the Japan Virtual Currency Exchange Association (JVCEA) the status of a “certified financial settlement business association.” About writes this CCN.
Japanese authorities approve self-regulation in the cryptocurrency industry
Thus, the regulator gave the association, which includes 16 licensed exchanges, the authority to develop rules in the local cryptocurrency industry, including measures to prevent insider trading., money laundering and protecting clients’ assets.
In April, participants in the Japanese cryptocurrency industry decided to create a self-regulatory organization in response to the hacking of Tokyo’s Coincheck exchange, from which about $ 530 million in NEM cryptocurrency were stolen in January..
In August, the association formally applied to the FSA to gain legal recognition. For two months, the regulator “carefully studied the practices of the association and tried to establish whether the group would be able to ensure good governance.”.
Today, the association confirmed that it received an affirmative opinion, stressing that the rules developed by it enter into force on the same day..
“Once accredited, we will continue to work to shape an industry where virtual currency users can trust our members,” the group added..
Meanwhile, the Japanese authorities continue to assess their own regulatory measures in the industry after two major incidents since the beginning of the year. After Coincheck in September, the Zaif exchange was hacked, from which about $ 60 million in bitcoins were stolen, Bitcoin Cash and Monacoin.
JVCEA has prepared a 100-page industry guide that among other things provides for a complete ban on insider trading and restrictions on transactions with anonymous cryptocurrencies. The association also proposes to limit the leverage for margin trading in digital currencies to x4.
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