Japan approved crypto industry self-regulation

On October 24, the main financial regulator of Japan (FSA) provided Crypto Industry the status of self-regulating, allowing the local organization to monitor the activities of the exchange.

Financial Services Agency assigned the Japanese Virtual Currency Exciation Association (JVCEA) The status of a certified business association to resolve disagreements. At the same time, the regulator allocated a means to the sectoral body to develop the norms and principles of the activities of the internal cryptocurrency exchanges. They will include hard measures to curb insider trading and money laundering with the implementation of standards for protecting traders’ assets.

JVCEA Another spring began to consolidate Japanese stock exchanges to create an industry self-regulation organ, which then experienced a decline after a successful cybercock on CoinCheck and theft of $ 530 million. In August, the Association appealed to FSA with an application for consolidation of official status. After a two-month consideration, the regulator studied the organization’s activities and its fragility. Today, JVCEA confirmed the successful acquisition of accreditation.

The Association website says that it immediately introduces forced norms of self-regulation. At the moment, it includes 16 licensed shopping areas.

It is reported that the set of rules and requirements is described on 100 pages. In addition, in addition to the ban on confidential cryptocurrency and illegal operations, it is recommended to limit the margin trading lever to 1: 4 and the amount of funds that the investor can borrow at the initial deposit.

Japanese stock exchanges begin to prepare for a new wave of cryptocurrency stir, which can begin on December 12th. It is on this day that the world’s largest urgent market operator Intercontinental Exchange, who owns the New York Stock Exchange, plans