Japan’s need for extra manpower in their growing efforts to regulate the cryptocurrency space and a self-regulation proposal was discussed in a September 12th meeting.
The Financial Services Agency (FSA) of Japan has released a record of their meeting. The record established that of the sixteen cryptocurrency exchanges in review — three are in anticipation of a final decision, twelve have pulled out, and one was rejected.
The three aforementioned are Coincheck, Everybody’s Bitcoin, and Lastroots. FSHO was rejected for reasons of insufficiency in operating a cryptocurrency exchange. There is no mention of the exchanges who withdrew their applications.
A further 160 crypto-related businesses are looking forward to being evaluated. This huge number calls for additional thirty personnel who will help with the task the regulatory body is responsible for: regularly observing and checking traders and exchanges, aiding operators who are yet to be registered, and assessing license applications.
In 2019, twelve more staff members will be added to the Japanese FSA workforce.
Self-regulation was also considered in the meeting. Japan Virtual Currency Exchange Association (JVCEA) has laid the groundwork for rules that will facilitate self-regulation. These rules include the required AML and Combating the Financing of Terrorism (CFT) policy, trading guidelines and dispute resolution, margin trading rule and the ethical handling of ICOs, and solicitation and advertising.
The members of JVCEA are: BitArg Exchange Tokyo, Bitbank, bitFlyer, BitOcean, BITPoint Japan, BitTrade, BtcBox, DMM Bitcoin, Fisco Virtual Currency, GMO Coin, Money Partners, QUOINE, SBI Virtual Currency, Tech Bureau, and Xtheta. All the association members are cryptocurrency exchanges with approval of the Japanese financial authorities.