Sixteen cryptocurrency exchanges of Japan which are accepted and approved by the Japanese government, made its first press reveal on Monday. These exchanges which are members of Japan’s Cryptocurrency Association, have stated their plans of enforcing self-regulation so that they assure the commoners of their secured service.
The Cryptocurrency Association of Japan:
Sixteen crypto exchanges of Japan have introduced a formal cryptocurrency association. On Monday, the press release was held where the groups enclosed their plans to self-regulate themselves in order to prove themselves secure and safe for public investments.
A media outlet present during the press conference stated, “The organization is expected to release trading and disclosure rules this summer”, and that the association “plans to open its doors to those operating provisionally while the government watchdog reviews their applications”.
The Member exchanges:
The exchanges which are members of the association are GMO Coin, Money Partners, Bitbank, Quoine, Bittrade, SBI Virtual Currencies, Bitpoint Japan, Bitflyer, DMM Bitcoin, Btcbox, Bitarg Exchange Tokyo, FTT Corporation, Bit Ocean, Xtheta, Fisco Virtual Currency, Tech Bureau.
The chief of the Association :
Mr Taizen Okuyama, President of Money Partners exchange, was assigned as the chief of the association. He stated, “We’ll pursue self-regulation to further the market’s healthy development and allay uncertainty among cryptocurrency users”.
Reasons behind formation of the organization :
The association will aim towards three primary goals. Firstly, they will ensure the security of their clients. As per the Japanese legal system, the exchanges need to look after their customers’ assets “separately from their own”. This law seeks for proper protection of the consumers’ right and safety.
The second priority is to maintain “an orderly rule-making process” while the third is to ensure “improving disclosure”. Adding to this, the chief of the association stated that regulations of the ICOs will be based on the final verdict as stated by the FSA Group.