Japan Government Approves the formation of 16 Crypto Exchange Group
A new group consisting of 16 government cryptocurrency exchanges has been registered in Japan. The group will strive to append self-regulatory rules and will control the investigation and sanctioning members who do not comply with self-regulation.
A general meeting was held by the Japan Virtual Currency Exchange Association as reported by Jiji Press. Taizen Okuyama is to be elected as the Chairman of the Association as planned by the group which will be implemented at the next Board of Directors meeting to be held on April 23. The association will also be formally launched on that date. The news outlet quoted the new group explaining that they aim to establish rules for their member exchanges, and as an organization, will have the “authority to investigate and banish member companies.”
The Japan Virtual Currency Exchange Association’s founding members are the 16 fully licensed exchanges operating in Japan. They are Bitflyer, Money Partners, Bitbank, Bitpoint, Quoine, SBI Virtual Currencies, Fisco Virtual Currency, Btcbox, Zaif, GMO Coin, Bittrade, Tokyo Bitcoin Exchange (DMM Bitcoin), Bitarg Exchange Tokyo, FTT Corporation, Xtheta Corporation, and Bitocean.
16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in Japan. Already Japan has two existing organizations in the crypto space: the Japan Blockchain Association (JBA) and the Japan Cryptocurrency Business Association (JCBA). The first one is managed by Bitflyer CEO Yuzo Kano and the latter by the president of Money Partners Group.
The new association formed will be a part of both the JBA and the JCBA, where both will continue to run, according to the news outlet. Some crypto exchanges are members of both associations, such as GMO Coin and Coincheck.
Members of the JBA and the JCBA include “deemed dealers,” which are exchanges the agency allows to operate while their registrations are under review.
The FSA is currently establishing its rules for deemed dealers. Masashi Nakajima, Professor at Reitaku University, who participates in the agency’s research group, showed that most users were not aware that Coincheck was unlicensed, Sankeibiz conveyed. “I ask for a mechanism that is easy to recognize at a glance” to indicate that exchange is still unlicensed such as a posting on the exchange’s website, he was quoted.