The Japan Blockchain Association (JBA), headed by Bitflyer CEO Yuzo Kano, and the Japan Cryptocurrency Business Association (JCBA), headed by the president of Money Partners Group, are two crypto associations that are well established in Japan. CMO Coin and Coincheck are examples of crypto exchanges that are members of both associations. Now a new association has been registered in Japan which will constitute of 16 government-approved cryptocurrency exchanges. This new association will be a member of both the JBA and the JCBA. The 16 crypto exchanges have been approved by the Japanese Financial Services Agency (FSA) and the group has been registered with the agency.
The new cryptocurrency organization, Japan Virtual Currency Exchange Association, will try to establish self-regulatory rules. It will also have the authority to investigate and sanction members that do not comply with self-regulation. The new group explained that they will have the “authority to investigate and banish member companies.” They aim to establish rules for their member exchanges and as an organization.
During the Japan Virtual Currency Exchange Association’s recent general meeting, a director was chosen, Jiji Press reported. The next Board of Directors meeting will be held on April 23. In this meeting, the group might choose to “elect Taizen Okuyama, President of Money Partners as Chairman”. The association will be formally launched on that date.
The Japan Virtual Currency Exchange Association’s founding members 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. These 16 exchanges are fully licensed exchanges operating in Japan.
All these members of the new association are FSA-approved exchange. On the other hand, members of the JBA and the JCBA also include “deemed dealers,”. These are exchanges the agency allows to operate while their registrations are under review. Coincheck, which was hacked in January, falls into this category.
Masashi Nakajima is a Professor at Reitaku University and is a part of FSA’s research group. He spoke out that the fact that Coincheck was unlicensed was unknown to most users. He conveyed. “I ask for a mechanism that is easy to recognize at a glance” to indicate that an exchange is still unlicensed. This could include posting on the exchange’s website. The FSA is currently strengthening its rules for deemed dealers.