FSA on Wednesday officially approved the Japan Virtual Currency Exchange Association (JVCEA), an organization comprised of 16 domestic exchanges by declaring them as an “Association of Certified Fund Settlement Business Operators.”
By passing this approval JVCEA will now be able to create specific guidelines for all domestic exchanges to enforce KYC/AML and insider trading laws. The organization was formed earlier this year after the $530 Million CoinCheck hack.
Reuters Japan quotes an unnamed source from FSA saying:
“It’s a very fast-moving industry. It’s better for experts to make rules in a timely manner than bureaucrats do,”
The JVCEA had previously drafted 100-page self-regulatory rules which included restrictions of privacy coins like Monero and Dash, a complete ban on insider trading and a 4 to 1 limit on margin trading.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
In the fast-moving world of blockchain and crypto, Ripple is making waves in South Korea.…
Blockchain Revolution in Auto Insurance: Key Insights from Blockchain technology is changing many industries, and…
: Swaps, Spending, and Events That Hit Your Wallet Hard Trading cryptocurrency can feel like…
2026 Crypto Investing Mastery:
Introduction to a Game-Changing Event Picture this: Japan's top finance leaders share the stage with…
Ripple Partners with Kyobo Life Insurance to Launch Korea's First Settlement on Blockchain In a…