Japanese cryptocurrency market takes new steps after Coincheck event

Japan’s 16 registered Cryptocurrency Exchange firms are establishing a self-regulating organization after Coincheck stole $530 million in NEM. The main purpose of the institution will be to restore confidence in the Japanese cryptocurrency market.

Nikkei news, Japan’s two important crypto currency trading teams, the country’s financial regulator, the Financial Services Agency (FSA), and guidance and investor security norms in the stock markets. states that it has come together to form a new self-regulatory body that will work to create. The currently unnamed self-regulatory body will enable the Japan Blockchain Association(JBA) and the Japan Cryptocurrency Business Association(JCBA) to come together. Under the agreement, the terms of which were approved last week, the two groups will jointly develop a broader industry standard.

In particular, the new regulator will establish rules and offer recommendations for ICOs in Japan. The new self-regulatory body approves a previous report from mid-February to the end of the same. The agency’s future plans include preventing system outages for sixteen exchange groups, improving the protection of customer-owned crypto assets, and focusing on preventing insider trading seizures.

Self-regulatory agency will reallocate trust for the Japanese cryptocurrency market

Taizen Okuyama, head of forex trading company Money Partners Group, will assume the chairmanship of the new organization. The JBA and head of BitFlyer, a Tokyo-based exchange, will serve as vice president of the new group at Yuzo Kano.

The institution that will have regulatory powers will also have the authority to approve which cryptocurrencies will be traded by which institutions.. In addition, the regulator will have the power to enforce compliance among its sixteen licensed cryptocurrency trading members.

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