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In an interview, Financial Services Agency (FSA), a top financial regulator at Japan specifies their hopes on self-regulation regarding cryptocurrency exchange at Japan. Moreover, the FSA grants a self-regulatory organization (SRO) status to the Jvcea, (Japan Virtual Currency Exchange Association) under the Payment Services Act back in October.
To introduce the regulations, it plans to submit bills to revise the financial instruments and exchange law and the payment services law to next year’s ordinary parliamentary session starting in January.
The secondary crucial area that FSA highlights are self-regulation. The authority believes with the growth in technological advancement, they feel the necessity to associate a self-regulatory body. The FSA writes:
For this reason, we urge members to join the certified self-regulatory association. Moreover, exchanges would need to do more to maintain and strengthen their maintenance of customer property.
Moreover, the SRO will be able to perform certain actions remotely to keep up their rapid-changing environment of crypto-assets. The news further explains that,
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.
Additionally, the FSA informs the news portal about an association hoping to coordinate with the FSA. This is for supervising and instructing their members. They will observe the operations to their businesses coming appropriately.
They both will work collaboratively to enhance the safety of relevant systems via investigating and researching on security. Moreover, the teams will disseminate data externally to boost up the awareness of cryptocurrrency exchange clients.
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