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Five cryptocurrency exchange operators, including Coincheck, have registered for self-regulation under Japanese law. They have joined the self-regulation association which, until now, has only accepted cryptographic exchanges regulated as members. According to the main regulator of Japan, companies wishing to register their trade in the country must abide by self-regulation rules.
Read also: The Indian Supreme Court moves the cryptographic hearing, the community asks for positive regulations
More exchanges to self-regulate
<img class = "size-medium wp-image-270777 alignright” title=”Other exchanges of Japanese cryptocurrencies subscribe to self-regulation” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/japanese-flag-300×236.jpg” alt=”Other exchanges of Japanese cryptocurrency Register for self-regulation "width =" 300 "height =" 236 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/japanese-flag- 300×236. jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/japanese-flag-768×604.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/ 01 / japanese-flag.jpg 918w, https://news.bitcoin.com/wp-content/uploads/2019/01/japanese-flag-696×547.jpg 696w, https://news.bitcoin.com/wp- content / upload / 2019/01 / japanese-flag-534×420.jpg 534w "sizes =" (maximum width: 300px) 100vw, 300px”/>The Japan Japan Currency Currency Association (Jvcea), currently the only self-regulated organization (SRO) in the Japanese cryptocurrency space, today announced that five cryptocurrency exchange operators have joined the association.
The Jvcea was approved as an SRO in October by the main Japanese financial authority, the Financial Services Agency (FSA). Before Friday, the only members of this association were the 16 regulated cryptocurrency markets in Japan.
Of the five new members, three are considered dealers who are companies authorized to handle cryptographic exchanges in Japan while their applications are being reviewed by the FSA. They are Coincheck Ltd., Everyco & # 39; s Bitcoin Co. Ltd. and Lastroots Inc. Coincheck is a subsidiary of Monex Group; the popular exchange was acquired after being violated in January. Everyone's Bitcoin was bought by the Japanese e-commerce giant Rakuten.
<img class = "size-medium wp-image-270778 alignright” title=”Other exchanges of Japanese cryptocurrencies subscribe to self-regulation” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/new-members-300×226.jpg” alt=”Other exchanges of Japanese cryptocurrency Register for self-regulation "width =" 300 "height =" 226 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/new-members- 300×226. jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/new-members-768×579.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/ 01 / new-members-80×60.jpg 80w, https://news.bitcoin.com/wp-content/uploads/2019/01/new-members-160×120.jpg 160w, https://news.bitcoin.com/ wp-content / uploads / 2019/01 / new-members-696×525.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/new-members-557×420.jpg 557w, https: //news.bitcoin.com/wp-content/uploads/2019/01/new-members.jpg 814w "sizes =" (maximum width: 300px) 100vw, 300px”/>The other two new members – Lvc Corp. and Coinage Corp. – are not yet registered with the FSA and are currently not allowed to handle cryptographic exchanges in Japan.
Lvc Corp. supervises the cryptocurrency and blockchain business units of Line Corp., the operator of the most popular chat app in Japan, Line. In July of last year, the company launched a cryptographic exchange called Bitboxes globally, except in the United States and Japan, due to regulations; the exchange is not yet registered with the FSA. Coinage Corp., founded in October 2017, is a subsidiary of United Inc., an advertising company listed on the Tokyo Stock Exchange. According to its website, Coinage is engaged in "business related to the transaction in virtual currency".
How self-regulation works in Japan
<img class = "size-medium wp-image-270784 alignright” title=”Other exchanges of Japanese cryptocurrencies subscribe to self-regulation” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/fsa-300×200.jpg” alt=”Other exchanges of Japanese cryptocurrency Register for self-regulation "width =" 300 "height =" 200 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/fsa-300×200. jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/fsa-768×511.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/01/ fsa- 696×463.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/fsa-632×420.jpg 632w, https://news.bitcoin.com/wp-content/uploads/ 2019/01 / fsa.jpg 1009w "sizes =" (maximum width: 300px) 100vw, 300px”/>In an exclusive interview with news.Bitcoin.com last week, the FSA has detailed what it expects from cryptographic self-regulation. The agency also recently published its final report outlining the proposed rules for cryptographic service providers.
Cryptographic exchange operators are expected to follow the rules established by SRO regardless of whether they are members of the organization. The agency pointed out that the registration of non-SRO members who have not established internal rules equivalent to the rules of the ORS can be refused or canceled.
<img class = "size-medium wp-image-270789 alignright” title=”Other exchanges of Japanese cryptocurrencies subscribe to self-regulation” src=”https://news.bitcoin.com/wp-content/uploads/2019/01/coins-2-300×203.jpg” alt=”Further exchanges of Japanese cryptocurrency recorded for self-regulation "width =" 300 "height =" 203 "srcset =" https://news.bitcoin.com/wp-content/uploads/2019/01/coins-2- 300×203. jpg 300w, https://news.bitcoin.com/wp-content/uploads/2019/01/coins-2-768×519.jpg 768w, https://news.bitcoin.com/wp-content/uploads/2019/ 01 / coins-2-696×470.jpg 696w, https://news.bitcoin.com/wp-content/uploads/2019/01/coins-2-621×420.jpg 621w, https://news.bitcoin.com/ wp-content / uploads / 2019/01 / coins-2.jpg 1018w "sizes =" (maximum width: 300px) 100vw, 300px”/>Jvcea is expected to work with the FSA to instruct and supervise its members to properly manage their activities, including improving the security of their systems. It is also expected that the association "will define in detail the portfolio management processes from the point of view of system security and cross-sectoral rules in areas that are not covered by the laws / regulations, such as margin negotiation, for the user protection, "The main financial controller of Japan has described.
In addition, last week the FSA told news.Bitcoin.com that over 190 operators have expressed interest in entering the Japanese cryptography market.
What do you think of the Japanese cryptocurrant trade that self-regulates? Let us know in the comments section below.
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