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Japan’s JVCEA Reveals Bitcoin Holdings Rise Above XRP in Yen-Denominated Values

The Japan Virtual Currency Exchange Association (JVCEA) has recently revealed that the yen-denominated value of BTC holdings in domestic exchanges has outstripped the number of XRP for the first time. According to the report, this happened because of the Bitcoin bullish trend this year, which made the asset considerably more famous as its value rose […]
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Coincheck Halts Crypto Margin Trading Due to Revised JVCEA Guidelines

Tokyo-based crypto exchange platform Coincheck has halted all new margin trading orders until the end of October 2019. Cryptocurrency Margin Trading Capped at 4X In a statement issued on its website at the end of August 2019, the Japanese crypto trading platform announced the suspension of new margin trading orders. Also, the exchange said upon resumption on October 31, 2019, all pending margin trades will be capped at 4X. This move sees a 20% reduction from the former crypto margin trading cap set at 5X. Coincheck also released guidelines for customers who already have active trading orders. Those with uncommitted trading orders have until the end of September 2019 to enter into positions to avoid cancelation. For customers already in open positions, the exchange advised that they check to see if the margin cap reduction adversely affected their trade. A rough translation of an excerpt from the company’s statement reads: Loss cuts will occur if the margin maintenance rate falls below 50% after changing the magnification. Check the margin maintenance rate and add margin or reduce the position as necessary. Coincheck says the move is part of efforts to comply with revised guidelines provided by the Japan Virtual Currency Exchange Association (JVCEA). The JVCEA is a self-regulatory body established to sanitize the local crypto industry in the country. Japan Keen on Regulating Leverage Limit for Crypto Trading Since mid-2018, there has been increasing focus on the amount of leverage in crypto trading in Japan. The JVCEA even identified the issue as the first to be tacked shortly after its formation in April 2018. In March 2019, the country’s Financial Services Agency (FSA) announced plans to introduce a limit on crypto leverage trading between 2X and 4X. At the time, the Japanese financial watchdog stated that the new rules will come into force by April 2020. Authorities in Japan say the move is necessary to provide robust protection for traders in the market. In August 2018, Bitcoinist reported on the $9 million hair cut that OKEx customers had to take to cover a $416 million Bitcoin bet that went awry. With volatility still a factor in the market, the narrative from regulatory bodies is that smaller margin caps will prevent a repeat of such events. Platforms like BitMEX famously offer margins as high as 100X — a point regularly mentioned by critics of the company. What do you think about setting significantly lower margin cap limits for cryptocurrency leveraged trading? Let us know in the comments below. Images via Shutterstock The post Coincheck Halts Crypto Margin Trading Due to Revised JVCEA Guidelines appeared first on Bitcoinist.com.
Bitcoinist

Five Cryptocurrency Exchanges Join the JVCEA to Protect Investors in the Industry

The Japan Virtual Currency Exchange Association (JVCEA), a self-regulatory body focused on promoting best practices in the Japanese cryptospace, has announced on January 4, 2018, that five new companies have obtained type II membership. The JVCEA Waxing Stronger The JVCEA is a self-regulatory agency set up in June 2018 and approved by Japan’s Financial Services Agency (FSA) after the massive...Read More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News
BTC Manager

Japan’s JVCEA Adds 5 New Exchanges: Coincheck, Coinage, LVC, Everyone’s Bitcoin and Lastroots

New cryptocurrency exchanges have joined the Japan Virtual Currency Exchange Association (JVCEA). The information was released by the agency on January 4 in an official announcement. This agency was created back in 2018 in order to create better standards for the cryptocurrency industry. The JVCEA was created a few months after the hack experienced by the cryptocurrency exchange Coincheck, that lost around $500 million in NEM (XEM) tokens. Other virtual currency exchanges had also experienced some security issues. The regulatory body has taken some important measures after these issues. For example, it included a ban on insider trading and prohibited trading of privacy coins such as Monero (XMR). The virtual currency exchanges that are now part of the JVCEA are Coincheck, Everyone’s Bitcoin, Lastroots Inc., LVC Corporation and Coinage Corporation. At the moment, the regulatory agency is trying to incorporate exchanges that have the Type II classification. The Type II classification makes reference to companies that are applying for virtual currency trader registration in the country. Back in December 2018, media reported that Coincheck was approved to receive a license by the financial regulator of the country, the FSA. The Financial Services Agency provides exchanges with the necessary license to participate in the crypto market in the country. Japan is one of the most popular countries for cryptocurrencies. The country is very active in the crypto market but it has also taken very hard measures to avoid scams and fraudulent activities to take place on the island. Several Initial Coin Offerings (ICOs) were launched to the market and some of them were just scams. Now Japan is known as one of the most regulated and prosperous places to start a crypto business.
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Japan’s FSA Approves of a Self-Regulating Crypto Body in the JVCEA Crypto Exchange Association

While talks of a self-governing crypto organization had been in the air for quite some time, it is now official that the Japanese government has approved of a self-regulatory body that will administer the activities of 16 different crypto exchanges that currently exist within the nation. To elaborate further on the matter, it is being reported that Japan’s national financial arm will work closely with the aforementioned agency to ensure that it stays in compliance with the existing Japanese financial laws and regulations . Working Hand-In-Hand In regards to the aforementioned news, it is worth noting that Japan’s Financial Services Agency (JFSA) has recently ascribed the Japan Virtual Currency Exchange Association (Jvcea) with the status of a self-regulatory organization (SRO). This has been done as per the existing economic rules of the nation (more specifically under the Japanese Payment Services Act). In a recent interview with a respected crypto-media outlet, a spokesperson for the JFSA was quoted as saying: “The SRO can take actions flexibly to keep up with the fast-changing environment surrounding crypto-assets. We think it necessary [for us] to work with the Jvcea closely so that the association can successfully perform self-regulatory functions through the establishment and application of self-regulatory rules and monitoring of their members.” More On The Matter It is being reported that the Jvcea will be working closely with the JFSA so as to ensure that all of the companies working under the SRO’s purview conduct their biz operations in a compliant manner. This, as per the Jvcea, is being done in order to bolster the “safety and privacy of related systems” through investigation and research (on security) as well as to increase the overall awareness of exchange users. If that wasn't enough, the association is also looking to map out a “detailed wallet management process” that is currently not covered by Japan’s existing regulations. On this same point, a representative for the SRO stated: “We expect that through self-regulation, clearer and more detailed rules will be provided as to provisions that are not specified under the existing laws/regulations, as well as self-discipline in areas that are not covered by the laws and regulations.” How Will All of This Really Work? To start off with, it can be seen that each and every one of Japan’s 16 registered cryptocurrency exchanges is currently affiliated with the Jvcea. In the future, companies whose applications are reviewed and approved by the Jvcea will also be able to join the association. With that being said, the JFSA did release a circular recently wherein it was clearly stated that it was not a “legal compulsion” for any virtual currency exchange to become a member of the association before going live. However, a spokesperson then went on to add: “However, from the perspective of user protection, the JFSA monitors whether virtual currency exchange service providers conduct their businesses appropriately, taking self-regulatory rules into account. In cooperation with the Jvcea, the JFSA has been monitoring virtual currency exchange service providers as to their compliance with self-regulation as well as the laws and regulations.” Final Take Whether or not the Japanese FSA approves of another SRO in the future remains to be seen. However, as per Japan’s existing laws, there is technically “no limit” to the number of self regulating organizations that can be established within the country, On the matter, the JFSA noted that incase another SRO wishes to gain its approval, that entity too will have to face “intense scrutiny.”
Bitcoin Exchange Guide

Japan’s Self-Regulatory Cryptocurrency Association (JVCEA) Receives Official Recognition

TL;DR JVCEA (Japan’s Virtual Currency Exchange Association) has received official recognition by the FSA. This move will allow the Association to bring new policies to regulated exchanges and sanction those that fail to comply. The decision was deemed necessary to improve the security of exchanges’ customers and prevent new hacking incidents. Around two months ago, Japan’s Virtual Currency Exchange Association (JVCEA) submitted a request for a license that would allow it to regulate cryptocurrency industry on its own accord. At the time, the application was sent to the FSA, this country’s financial watchdog. Japan’s Financial Services Agency (FSA) replied that it would take two months to review the application and its potential implications, and the JVCEA awaited their response ever since. Today, October 24th, it was approved, and the FSA granted self-regulatory status to the crypto industry. The move is very beneficial for the industry, and it will allow the JVCEA to bring new policies, as well as to sanction any exchange for potential violations of those policies. The move was also highly sought due to the fact that exchanges are in need of closer scrutiny. At the same time, they still need to be allowed to grow and evolve to meet the needs of an evolving industry. From the JVCEA point of view, this decision will also allow it to protect exchanges’ users. JVCEA: Formed after the Coincheck hack Up to this point, the JVCEA was working on providing rules and regulations for the cryptocurrency industry of Japan, but their rules were not legally enforceable. The Association also stated its intention to help create cryptocurrency legislation in this country. The Association is made of 16 officially licensed exchanges, and it was initially formed after the Coincheck hack, that stole around $530 million in NEM (XEM) from Japan’s former largest exchange. This is the first major cryptocurrency-related event in 2018, and it demonstrated the need for higher security. Six months after the attack, in June, the JVCEA released their official regulatory guidelines, which included over 100 pages. The guidelines suggested several significant changes, such as the exclusion of privacy coins, as well as a limit on the credit that crypto exchanges are extending to their users. Self-regulatory finally receives recognition The hack started a series of investigations of regulated exchanges, while the FSA itself raided Coincheck’s offices and seized their documents and computers. Since then, numerous exchanges received warnings regarding weak security, and requests to improve their businesses. As a result of the scrutiny, several companies had to shut down, but the FSHO is still the only one that was closed by the FSA, after receiving two warnings from the watchdog. As for Coincheck, it rendered the stolen coins useless and promised compensation to users affected by the hack. Even though Japan originally came up with cryptocurrency exchange licenses as early as April 2017, incidents such as the one involving Coincheck show that it is still far from adequately regulating the exchanges. Now, with a self-regulatory organization receiving official recognition, things are expected to improve. Additionally, while the JVCEA is not the first self-regulatory organization in the world, its recognition still represents a big move for the future development of Japan’s crypto industry. Other such organizations appeared in other parts of the world, and their existence also aims to prove that the cryptocurrency industry is legitimate. Other than that, it also serves as proof that countries’ financial watchdogs are failing to address the new sector properly and that a separate organization is necessary. The post Japan’s Self-Regulatory Cryptocurrency Association (JVCEA) Receives Official Recognition appeared first on CryptoPotato.
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HKEX plans to create a blockchain platform, Taiwan implements new amendments to AML and CFT laws, SEC ceased over dozen illegal ICOs, RFB demands monthly reports from crypto exchanges, Petro recognized as a legal tender, crypto industry to regulate itself in Japan, HSBC and RIL settle India’s first LoC transaction on blockchain, ASB settles New Zealand’s first export deal using blockchain

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DIGEST

Tether destroyed 500 million USDT, Swissquote allows ICO participation, Coinbase added its first stablecoin, IDEX to block NY users, Vertex Ventures invests in Binance, the biggest crypto theft in Australia, Sony creates contactless hardware wallet, Japanese crypto exchanges got a self-regulatory status, Bitcoin Futures still lack volume — in this weekly news

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Russia edits its draft law on cryptos, Japanese crypto exchanges gain power to self-regulate, Albania plans for regulatory framework, FATF to come up with its first set of crypto rules, CGL partners with National Bank of Canada and Skuchain, China plans implementation of new rules, SEC confirms the launch of FinHub, owner of Unocoin arrested for operating BTC ATM

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HUGE Altcoin Updates! Stellar, Binance US, Tomochain, Digibyte, NEO, Monero, Bitcoin Bakkt

Binance Adds BNB to Binance US https://finance.yahoo.com/news/binance-us-adding-7th-coin-102155751.html A brief history of the world of crypto. Plus, all of the latest news and updates from the Stellar Developers ecosystem https://medium.com/stellar-community/stellar-dev-digest-issue-14-ea71609a22b0 How TomoChain’s TomoZ intends to take on Ethereum market share! https://twitter.com/TomoChainANN/status/1173152916888096768 https://twitter.com/Altcoinbuzzio/status/1172575745584971777 https://www.altcoinbuzz.io/crypto-news/product-release/how-tomochains-tomoz-intends-to-take-on-ethereum-market-share/ Virtual Rehab with Virtual Reality is now solving real-world problems https://cryptodaily.co.uk/2019/09/apple-entry-blockchain-via-rumoured-vr-project https://www.zerohedge.com/news/2019-09-09/virtual-reality-now-solving-real-world-problems Celer Network and NEO Are Launching a Partnership https://www.altcoinbuzz.io/crypto-news/partnerships/celer-network-and-neo-are-launching-a-partnership/ Bitcoin #Bakkt Tweet https://twitter.com/Bakkt/status/1173683919687966720 Big! #Monero ready to use Zcoin’s Privacy protocol https://www.altcoinbuzz.io/crypto-news/product-release/big-monero-ready-to-use-zcoin-privacy-protocol/ #digibyte lists on UpHold https://twitter.com/DigiByteCoin/status/1173623829652004866 #bitcoin #cryptocurrency #altcoin #altcoins #crypto #btc $BTC #bitcoinprice #ethereum #electroneum #cardano #enjin #crypto.com #hpb #digibyte #bitcoinnews #btcnews #libra #chainlink #ripple #xrp #xrpripple #binance #bitcoinnewstoday #cryptonews #litecoin #cryptocurrencynews #news Bitcoin cryptocurrency altcoin altcoins crypto btc $BTC bitcoin price ethereum electroneum enjin crypto.com cardano digibyte bitcoin news btc libra chainlink ripple xrp ripple Binance bitcoin news today crypto news Litecoin cryptocurrency news hpb high performance blockchain $xrp $enj $etn $ltc $dgb $ada NOTE The information discussed on the Altcoin Buzz YouTube or other social media channels is not financial advice. This information is for educational, informational and entertainment purposes only. Any information and advice or investment strategies are thoughts and opinions only, relevant to accepted levels of risk tolerance of the narrator and their risk tolerance maybe different than yours. We are not responsible for your losses. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence and consult the financial advisor before acting on any information provided. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
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Celsius Network Offers up To 12% APR on USDC, TUSD, USDT and Other Stablecoins

The Celsius app offers the industry highest rates and supports six different stablecoins all eligible to earn up to 12.03% annually with interest paid out weekly Celsius Network (https://celsius.network/), the industry-leading cryptocurrency platform, announces today it has increased interest rates for stablecoin deposits to 12.03% APR. Users who choose to earn interest in Celsius Network's blockchain-based CEL token can earn up to 30% more than the 9.25% depositors who are paid in-kind on their coins. Celsius is raising its rates because it is consistently earning higher returns on its deposits and distributes 80% of its income to its depositors; as it earns more, it distributes more. Unlike other platforms, ...Full story available on Benzinga.com
Benzinga

VanEck, SolidX Pull Bitcoin ETF Filing From SEC Consideration

Less than two weeks after VanEck and SolidX rolled out the VanEck SolidX Bitcoin Trust ETF (XBTC), a bitcoin exchange traded product aimed at institutional investors, the firms said they're withdrawing plans for bitcoin exchange traded fund aimed at a broader swath of investors. What Happened The ETF issuer and the fintech firm pulled the filing from consideration by the Securities and Exchange Commission on Sept. 13. The agency had delayed an ultimate decision on that product, as it has with various other bitcoin ETF proposals, several times, but was facing a hard and fast deadline of Oct. 18 to approve or disapprove the VanEck SolidX Bitcoin Trust. “Tuesday’s filing marks the second time VanEck and SolidX withdrew the proposed ETF. ...Full story available on Benzinga.com
Benzinga

IOTA Introduces Chronicle Permanode to Amend Scalability Issues

IOTA, a permissionless trust protocol designed to revolutionize the Internet of Things (IoT) ecosystem by facilitating a frictionless exchange of value between machines and humans, has announced the launch of Chronicle, a permanode solution the team hopes will give node operators an unlimited amount of storage space in their Tangle distributed database, according to aRead MoreRead More. The post by Ogwu Osaemezu Emmanuel appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
BTC Manager

Wells Fargo Plans Blockchain-Based Internal Settlement Services

The world’s fourth-largest bank, Wells Fargo, announced plans to use its digital token to pilot internal settlement services, which would run on its distributed ledger technology (DLT) platform. Per the press release September 17, 2019, the pilot project is expected to take off in 2020 and would initially focus on USD transfers.  Digital Token forRead MoreRead More. The post by Anthonia Isichei appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News\
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