Japanese news agency Asahi Shimbun on Tuesday, April 24, confirmed the creation of Japan's first self-regulatory body for cryptocurrency exchanges.
According to information received, sixteen licensed cryptocurrency exchanges have joined forces to create a regulatory body called the Japan Cryptocurrency Exchange Association (JCEA). The Association will develop rules that all participants will have to comply with to ensure smooth operation, transparent conduct of exchanges and the safety of investors.
The association will also provide advice to unregistered exchanges as part of a licensing program for cross-industry development, said JCEA head Tazin Okuyame, president and CEO of Forex Money Partners. “I would like to be able to provide advice to (unlicensed exchanges) because the development of the industry as a whole is important,” Tazin Okuyama told the Asahi Shimbun.
Japan Blockchain Association (JBA) and Japan Cryptocurrency Business Association (JCBA) announced plans to create such a group back in February, and now, after a long process, the self-regulatory body JCEA has finally been formed.
Even then, JBA Executive Director Yuzo Kano said that the development of industry standards will not happen overnight, despite the urgent need to avoid Coincheck exchange errors.
According to https://cointelegraph.com
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