Crypto Exchanges Joins The Bandwagon of Japanese Self-Regulatory Group

There are more five crypto exchanges that recently decide to walk with the Japan Virtual Currency Exchange Association, basically a self-regulatory group for cryptocurrency at Japan.

Japan’s Financial Services Agency (JFCEA) will now oversee total twenty-one different crypto exchanges. Moreover, it is a self-regulatory agency about cryptocurrency working in Japan.

Yesterday, they show to add more five new crypto exchange platforms to the existing list of blockchain businesses. Back in October, the agency was officially considered as a self-regulatory authority by Japan’s Financial Services Agency (JFSA), basically a top financial regulator.

April brings in the formation of the JFCEA with the 16 crypto exchanges already holding a Japanese government registration. These 16 original exchanges forming a self-regulatory association include:

·         Money Partners Inc. ·         Bit Bank Corporation
·         BitFlyer Corporation ·         Bit Trade Co. Ltd
·         QUOINE CORPORATION ·         SBI Virtual Currencies Corporation
·         GMO Coin Co. Ltd ·         BTC Box Corporation
·         Bit Point Japan Co. Ltd ·         Fiscal Virtual Currency Exchange Inc.
·         DMM Bitcoin Inc. ·         Bito Argo Exchange Co. Ltd
·         Bitgate Corporation ·         BitOcean Co. Ltd
·         Tech Bureau Inc. ·         Xtheta Corporation

The newcomers at JVCEA association are Everyone’s Bitcoin, Coincheck, LVC Corporation, Lastroots Inc., and Coinage Corporation. However, as the recent crypto exchanges do not yet hold the registration with the Japanese government, they will remain indifferent class and not entirely compliant exchanges.

The participants not yet registered with the Japanese government gets listing with a “Type II classification”. However, this will let investors tell them apart.

JFSA financial regulator believes that letting the industry self-regulate will surely bring innovation in the country. Besides innovation, it will attract high-level businesses within their economy. During an interview, a representative with JFSA states:

The SRO can take actions flexibly to keep up with the fast-changing environment surrounding crypto-assets. We think it necessary [for us] to work with the Jvcea closely so that the association can successfully perform self-regulatory functions through the establishment and application of self-regulatory rules and monitoring of their members.

During this interview, the JFSA on their side reveals around 190 operators showing interest to enter the Japanese crypto market.

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Crypto Exchanges Joins The Bandwagon of Japanese Self-Regulatory Group
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Crypto Exchanges Joins The Bandwagon of Japanese Self-Regulatory Group
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There are more five crypto exchanges that recently decide to walk with the Japan Virtual Currency Exchange Association, basically a self-regulatory group for cryptocurrency at Japan.
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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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