After an unfortunate hack of $530 million in January this year, all exchanges are working together to make a system more regulated and hackproof and get a success on that when the effort of 16 Licensed Cryptocurrency exchanges finally launched a self-regulatory body this will definitely increase the confidence of investors.
Sixteen cryptocurrency exchanges registered under Japanese Financial Service Agency (FSA) Country’s financial regulator has launched a self-regulating body and the body is known as ‘Japanese Cryptocurrency Exchange Association’.
Japanese cryptocurrency exchange association also provide guidelines and establish protocols for (ICOs) in Japan by mutually working with FSA.
Already rumors are in the market about all domestic exchanges coming together to form a self-regulatory body within a month. And this is need of the time to develop the faith of investors in cryptocurrency market after January Coincheck event.
Association will mainly focus on rules for customer protection and internal controls while seeking compliance from member companies.Any activity which undermines the confidence of public and trust in cryptocurrency market will be penalized.
All sixteen exchanges who made this possible are Bit Argo Exchange Tokyo, Bitgate, BITOCEAN, Fiscalo Currency Exchange, Xtheta, Money Partners, QUOINE, bitFlyer, Bit Bank, SBI Virtual Currency, GMO Coin, BitPoint Japan, DMM Bitcoin, Bit Trade, BTC Box, and Tech BURO.
President and CEO of the Money Partners Taizen Okuyama will be the first chairman of the newly formed entity.
“We are working hard to develop security measures and internal control, we will promptly promote the rules of transactions and advertisements and the information we disclose,” Okuyama said. “We want to eliminate customers’ concerns and work to restore confidence in order to develop healthy markets.”
The newly formed entity will also provide guidance to over a dozen cryptocurrency exchanges that seek registration but continue to operate without a license from the FSA,
Okuyama added I would like to create a situation where I can give advice to (unregistered exchanges). The development of the industry as a whole is important.
