Japanese crypto exchanges to roll out self-regulatory organisation

Wednesday 25 April 2018 10:21 CET | News

16 Japanese cryptocurrency exchanges, licensed by the Financial Services Agency (FSA), have officially announced the creation of a self-regulating organization.

The initiative aims to restore market confidence and follows the major hack on Coincheck earlier in 2018 in which the exchange lost nearly USD 530 million in NEM tokens. The self-regulatory organization is called the Japanese Cryptocurrency Exchange Association, and among participating exchanges we name Money Partners, Quoine, bitFlyer, SBI Virtual Currency, GMO Coin, and Bit Argo Exchange Tokyo.

The self-regulating organization will work on a comprehensive set of rules aimed at customer protection and internal controls. It will also seek to impose penalties on those who engage in activities that damage the trust of the industry. Moreover, the group will seek compliance from participating exchanges.

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Keywords: Bitcoin, regulation, crypto, cryptocurrency, Japan, Financial Services Agency, cryptocurrency exchange
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies