Japan’s self-regulatory crypto association takes on five new exchanges

That makes 16 members so far.

After recently receiving self-regulatory permission, the Japan Virtual Currency Exchange Association (or JVCEA) has taken on five new exchanges, Ethereum World News reported yesterday.

According to the report, these new exchanges have not yet officially been cleared to operate in Japan by the Finanical Services Agency, meaning they must join the country’s self-regulatory association as a “second class of members.”

The five new exchanges are Lvc Corp., Coinage Corp., Coincheck, Everybody’s Bitcoin and Lastroots. Those latter three are, for now, deemed “cryptocurrency dealers,” as the FSA has not yet approved them to become crypto exchange.

The five newcomers have joined a rapidly expanding list of exchanges registered with the self-regulatory organisation, which now carries a total of 16 members. Aside from the five listed above, these include exchange Bit Trade, online trading service Bit Bank Corporation and ATM manufacturer BitOcean.

Back in October, we reported that the Japanese Financial Services Agency had given the crypto industry the green light to self-regulate, which allowed the Japan Virtual Currency Exchange Association to “supervise the operation of digital assets exchanges in the country.”

After the motion was passed, the JVCEA was able to impose monitoring and sanctions on all digital currency exchanges active in the country, with aim to establish a regulatory framework to protect investors while ensuring regulation requirements continue to be met.

It’s not a bad idea, especially given that schemes, hacks and scams have been on the rise in the country. In addition to publishing new guidelines for handling digital assets exchange in Japan, the FSA is currently in the process of creating a regulatory system for crypto wallets, to combat terrorism, money-laundering and hacking.

Source: Ethereum World News

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