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Briefing
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- Cryptocurrency Self-Regulation – Japan’s Financial Services Agency (FSA) gave Japan Virtual Currency Exchange Association (JVCEA) self-regulatory status, allowing it to “police and sanction” cryptocurrency exchanges for violations
- Association Responsibilities – Association expected to draft and initiate rules that look out for interests of stakeholders, safeguard customer assets, prevent money laundering, provide operational guidelines, and check compliance
- Self-Regulation Benefit – Allows cryptocurrency experts rather than bureaucrats or government to make better and more timely rules for industry
- Cryptocurrency Exchange Guidelines – Also released guidelines for entities interested in starting cryptocurrency exchanges in Japan, with exchanges needing to be registered with FSA
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Accelerator
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Market Disruption
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Sector
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Financial Services
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Organization
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Japan Financial Services Agency, Japan Virtual Currency Exchange Association (JVCEA)
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Source
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Original Publication Date
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October 24, 2018
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