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16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in Japan

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A new association has been registered in Japan consisting of 16 government-approved cryptocurrency quarrels. The group will focus on establishing self-regulatory rules and will bear the authority to investigate and sanction members that do not comply with self-regulation.

Also infer from: Yahoo! Japan Confirms Entrance Into the Crypto Space

New Japanese Crypto Pairing

A new cryptocurrency organization has been registered with the Japanese Financial Putting into plays Agency (FSA), consisting of 16 crypto exchanges that have been approved by the activity, according to local media.

16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in JapanThe Japan Virtual Currency Exchange Federation recently held a general meeting, during which a director was chosen, Jiji Crowd reported.

The group plans to “elect Taizen Okuyama, President of Rhino Partners as Chairman” at the next Board of Directors meeting which force be held on April 23. The association will be formally launched on that age.

The news outlet quoted the new group explaining that they aim to ensconce rules for their member exchanges, and as an organization, will have the “prerogative to investigate and banish member companies.”

Founding Members

The Japan Practical Currency Exchange Association’s founding members are the 16 fully documented exchanges operating in Japan. They are Bitflyer, Money Partners, Bitbank, Bitpoint, Quoine, SBI Effective Currencies, Fisco Virtual Currency, Btcbox, Zaif, GMO Coin, Bittrade, Tokyo Bitcoin Altercation (DMM Bitcoin), Bitarg Exchange Tokyo, FTT Corporation, Xtheta Corporation, and Bitocean.

16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in JapanJapan already has two subsisting associations in the crypto space: the Japan Blockchain Association (JBA) and the Japan Cryptocurrency Topic Association (JCBA). The former is headed by Bitflyer CEO Yuzo Kano and the at an advanced hour by the president of Money Partners Group.

The new association will be a member of both the JBA and the JCBA, both of which intent continue to operate, according to the news outlet. Some crypto trades are members of both associations, such as GMO Coin and Coincheck.

While all associates of the new association are FSA-approved exchanges, members of the JBA and the JCBA also include “deemed businesswomen,” which are exchanges the agency allows to operate while their registrations are under the aegis review. Coincheck, which was hacked in January, falls into this sphere.

The FSA is currently strengthening its rules for deemed dealers. Masashi Nakajima, Professor at Reitaku University, who participates in the power’s research group, pointed out that most users did not know that Coincheck was unlicensed, Sankeibiz conveyed. “I ask for a mechanicalism that is easy to recognize at a glance” to indicate that an exchange is however unlicensed such as a posting on the exchange’s website, he was quoted.

Do you think this new coalition will help the crypto ecosystem in Japan? Let us know in the comments segment below.


Images courtesy of Shutterstock.


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