A concentrated effort among 16 licensed Japanese cryptocurrency exchange has happened. A million Coincheck theft in January has finally seen the launch of a self-regulatory body.
Sixteen cryptocurrency exchanges currently registered and licensed by the Financial Services Agency (FSA), the country’s financial regulator.
The new body will also create and establish guidelines for initial coin offerings (ICOs) in Japan.
The launch of the association comes after months of rumors of domestic licensed exchange operators banding together to adhere to self-imposed rules. It was done in order to foster a healthy trading environment.
The association will begin work on a framework that entails rules for customer protection and internal controls while seeking compliance from member companies.
Notably, the group will also consider imposing penalties on members for activities that undermine public confidence and trust in the industry.
Money Partners, QUOINE, bitFlyer, Bit Bank, SBI Virtual Currency, GMO Coin, Bit Trade, BTC Box, BitPoint Japan, DMM Bitcoin, Bit Argo Exchange Tokyo, Bitgate, BITOCEAN, Fiscalo Currency Exchange, Xtheta and Tech BURO.
Taizen Okuyama, president, and CEO of Money Partners will serve as the chairman of the newly formed group.