The new Japanese cryptocurrency association comprising of sixteen government-approved exchanges debuted on Monday. The group has unveiled its plans to spearhead self-regulation in order to rebuild the public’s trust in the crypto industry.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
New Japanese Association Debuts
Sixteen fully-licensed cryptocurrency exchanges in Japan have formally launched a new crypto association. The group held a press conference on Monday to detail its plans for self-regulation “in order to rebuild public trust battered by a high-profile theft,” Nikkei reported.
Press conference held by the new Japanese cryptocurrency association.
“The organization is expected to release trading and disclosure rules this summer,” the news outlet elaborated, adding that the group “plans to open its doors to those operating provisionally while the government watchdog reviews their applications.”
Taizen Okuyama.
The founding exchange members are Money Partners, Quoine, Bitflyer, Bitbank, SBI Virtual Currencies, GMO Coin, Bittrade, Btcbox, Bitpoint Japan, DMM Bitcoin, Bitarg Exchange Tokyo, FTT Corporation, Bitocean, Fisco Virtual Currency, Tech Bureau, and Xtheta.
The group also held its first board of directors meeting and chose its key executives. President of foreign exchange platform provider Money Partners Group, Taizen Okuyama, was appointed the chief of the new organization. The publication quoted him declaring:
We’ll pursue self-regulation to further the market’s healthy development and allay uncertainty among cryptocurrency users.
Three Priorities Named
The group will focus on three priorities, the news outlet detailed. The first, as expressed by Okuyama, is the protection of customers. While the Japanese law “requires exchanges to manage customer assets separately from their own,” he admitted that “such a standard is a matter of course for securities firms and foreign exchange brokerages. Compliance has been patchier among
