16 Government-Approved Crypto Exchanges Have Formed Self-Regulatory Group in Japan. The aim of this group is to focus on establishing self-regulatory rules and will have the authority to investigate and sanction members that do not comply with self-regulation.
The 16 approved cryptocurrency exchanges by Japan’s Financial Services Agency (FSA), are what made up this new group of crypto self regulation.
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The group plans to “elect Taizen Okuyama, President of Money Partners as Chairman” at the next Board of Directors meeting which will be held on April 23. The association will 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 16 approved cryptocurrency exchanges that formed this new group 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.
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However, take note that before now Japan already has two existing associations in the crypto space: the Japan Blockchain Association (JBA) and the Japan Cryptocurrency Business Association (JCBA). The former is headed by Bitflyer CEO Yuzo Kano and the latter by the president of Money Partners Group.
The new association will be a member of both the JBA and the JCBA, both of which will continue to operate, according to the news outlet. Some crypto exchanges are members of both associations, such as GMO Coin and Coincheck.
Do you think this new development will enhance more crypto awareness in the Asian country?