Japan Grants Cryptocurrency Association Self-Regulatory Capacity

Japan Grants Cryptocurrency Association Self-Regulatory Capacity

The Financial Services Agency (FSA) of Japan permits the Japan Virtual Currency Exchange Association (JVCEA) to self-regulate local licensed cryptocurrency exchanges

In the past, the cryptocurrency association considered excessive and too frequent government interference as the cause of difficulty in the operations of exchanges.

After the $530 million Coincheck hack, JVCEA has been insisting on the need for the industry to be self-regulated. And after last month’s $60 million Zaif hack, the FSA has given permission to JVCEA to act as a certified fund settlement business association, effective immediately. This means the association can now set parameters and guidelines for authorized domestic exchanges.

The government considers the cryptocurrency industry to be fast-moving and complex; better left in the care of industry experts. These experts have a better understanding of the industry and will be able to situate better regulatory guidelines than bureaucratic government officials.

JVCEA Guidelines at a Glance

A set of main guidelines and regulations are published on JVCEA website.

The association is said to have come up with a hundred page regulatory draft. The draft includes AML procedures, boundaries to prevent insider trading, tighter security measures to protect consumer holdings, and a four-to-one limit on margin trading.

Trading DASH and XMR is said to be prohibited in the hundred page draft. This is due to its privacy-centered characteristic.


The Tokyo-based JVCEA was formed in April of 2018. It comprises of 16 licensed domestic exchanges and is chaired by Taizen Okuyama of Money Partners.


89.78 USD


51.95 USD

Related news

Cryptocurrency Regulation Among the Hot Seat Topics for 2019 G20 Summit to be held in Japan

This year’s G20 summit set to be held in Osaka, Japan will be the first to highlight cryptocurrencies among the main agendas. According to the information provided by Sankei’s news source, Japan led by its Prime minister, Abe Shinzo, will address digital asset economy from the point of regulation. This involves reviewing the laid regulations […]
Bitcoin Exchange Guide

Monero [XMR] paired with Bitcoin [BTC] and Ethereum [ETH] on KuCoin

Monero [XMR], the thirteenth largest cryptocurrency by market cap, gained support from KuCoin, one of the leading cryptocurrency exchange platforms. KuCoin announced the same through an official blog post, which stated that they would be supporting the popular privacy currency on their platform, enabling trading services for the Monero community. The official announcement read that the coin would be paired along with Bitcoin and Ethereum. Furthermore, the blog stated that the deposits for Monero had already been enabled for its users. Trading services for the cryptocurrency will begin from 26 March at 18:00 [UTC + 8] and withdrawal services will be enabled from 28 March at 18:00 [UTC + 8]. The exchange also warned users about the risks associated with investing in cryptocurrencies, stating that this equates to being a venture capital investor. The exchange also reminded its users that the cryptocurrency market has no opening or closing time like the trading market. More so, the exchange also advised users to be careful before entering the cryptocurrency and blockchain technology space. They said, “KuCoin attempts to screen all tokens before they come to market, however, even with the best due diligence there are still risks when investing. KuCoin is not liable for investment gains or losses.” Notably, this news came in right after Binance, the largest cryptocurrency exchange by trade volume, and Tor Project announced additional support for the privacy coin. Earlier this month, Binance announced that they added more trading pairs for Monero; with the coin being paired with Binance Coin [BNB] and Tether [USDT]. This was followed by Tor Project, a non-profit organization, announcing that they would be accepting Monero for donations. The post Monero [XMR] paired with Bitcoin [BTC] and Ethereum [ETH] on KuCoin appeared first on AMBCrypto.

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.