According to Reuters, the Japanese Virtual Currency Exchange Association (JVCEA) has been recognized as a self-regulatory industry body by the FSA, the country’s finance regulator. One of FSA officials stated that it makes more sense to give industry experts a possibility to establish the rules by themselves. Japanese regulators recognize the need for investor protection, but they don’t want to hinder the growth of the cryptocurrency industry.
The JVCEA unites major Japanese exchanges that are cooperating in order to beef up their security and stability, which is vital given the relatively recent $530 mln Coincheck hack and the infamous Mt.Gox disaster. The FSA approval will help exchanges to fight money laundering and establish a standardized set of rules for crypto-oriented businesses.
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Japan’s FSA Approves Self-Regulatory Status of Crypto Exchange Group
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