An association of sixteen licensed domestic cryptocurrency exchanges in Japan have formally applied for certification from the country’s financial regulator to form a self-regulatory body.
The Japan Virtual Currency Exchange Association (JVCEA), a body comprised of all 16 licensed cryptocurrency exchanges, is looking to become a “certified fund settlement business association” after a formal application submitted with the Financial Services Agency (FSA), Japan’s primary financial regulator.
The working group is also looking toward working with authorities to create guidelines and legislation to ultimately allow the domestic cryptocurrency exchange sector regulate itself, the Asia Times reported.
According to the report, the FSA certification process will go through a rigorous two-month review wherein the authority will “carefully examine the affairs of the Association and investigate whether proper group management can be expected.”
Read more: https://www.ccn.com/japans-licensed-crypto-exchanges-formally-apply-for-self-regulatory-body/
