Last week, self-regulation filed documents with the FSA.
The Japan Virtual Currency Exchange Association (JVCEA) has filed an application with the country's Financial Services Agency (FSA) to become a "certified fund-settlement company" on August 2, according to the website of JVCEA.
If formally recognized by the FSA, the JVCEA will have the official go-ahead to become a self-regulated organization. This is in line with the declared intentions of the organization since its formation in March of this year. It will then have the blessing of the FSA to enforce the rules of the exchange association drawn up in June which, in part, prohibits trade from meddling in insider trading or listing private currencies.
The JVCEA is a consortium of 16 currency approved by the FSA exchanges seeking to legitimize the cryptographic space of Japan in the wake of the hack of Coincheck in which $ 500 million were stolen in cryptography. Its members include BitFlyer, Bitbank and SBI.
In a statement on the filing of Friday 3 August, the JVCEA writes:
"We will work closely with registered virtual exchange traders and all those who support us fully working to restore user confidence in managers and in the national virtual currency markets. "
Citations translated from Japanese with Google Translate
Jeff Benson is Managing Editor of ETHNews. He worked as a writer and editor anywhere from Sudan to the Rhine. He earned a degree in politics from Willamette University and a master's degree in nationalism studies from the University of Edinburgh. When he is not in the editorial office, he trots the world and writes it. It has some value in ETH.
ETHNews is engaged in its editorial policy
Do you like what you read? Follow us on Twitter @ETHNews_ to receive the latest Japan Exchange Currency Association, exchange of currencies or other news on Ethereum portfolios and exchanges.