JVCEA applied for the status of a certified business association in the field of financial accounting, which will give the organization the authority to develop self-regulation rules for the Japanese crypto industry.
Several Japanese crypto-banks intend to unite in a self-regulatory organization, the corresponding application was submitted to the FSA, the country’s main financial regulator.
Recall that in March 16 Japanese sites joined the Association of Currency Exchange (JVonA), and in April this organization was officially registered with the FSA. Now this association has applied for the status of a certified business association in the field of financial accounting, which will give JVCEA the authority to develop self-regulation rules for the Japanese crypto industry.
The Association offers regular exchanges audits and prohibits the trading of certain anonymous digital assets (in particular, Monero, Dash, etc.). Such steps, according to the representatives of the organization, will allow to minimize the risks of fraudulent actions on exchanges, and also prevent the risk of hacking and attacks on the stock exchanges.
The Japan Financial Services Agency supports the JVCEA policy after the sensational breaking of the Coincheck regulator began to closely monitor the activities of local crypto-exchange exchanges and even intervened in the work of some sites with the requirements of optimizing the security system.
Recall earlier it became known that the Japanese Association of Exchanges of Digital Currencies intends to limit the activities of some traders, which will protect customers with a small turnover of funds on the sites from large losses as a result of unsuccessful transactions.