A new association has been registered in Japan consisting of 16 government-approved cryptocurrency exchanges. The group will focus on establishing self-regulatory rules and will have the authority to investigate and sanction members that do not comply with self-regulation.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
New Japanese Crypto Association
A new cryptocurrency organization has been registered with the Japanese Financial Services Agency (FSA), consisting of 16 crypto exchanges that have been approved by the agency, according to local media.
The Japan Virtual Currency Exchange Association recently held a general meeting, during which a director was chosen, Jiji Press reported.
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.”
Founding Members
The Japan Virtual Currency Exchange Association’s founding members are the 16 fully licensed exchanges operating in Japan. They 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.
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
