Japanese Self-Regulatory Crypto Association Seeks Official Recognition

[kreslik.news]

The Virtual Currency Exchange Association, the Japanese cryptocurrency industry’s self-regulatory organisation, has applied for a licence from the country’s official financial watchdog.

The JVCEA wants to legally contribute “to the sound development of the virtual currency exchange industry and the protection of the interests of users.” According to the Asia Times, the authorisation would grant the association the title of ‘certified fund settlement business association’ and make the system of self-regulation official. The JVCEA also intends to participate in the creation of cryptocurrency legislation in the country.

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At the moment, JVCEA rules are not legally enforceable. Compliance ... (read more)