Self-Regulatory Crypto Exchange Association
Five more cryptocurrency exchanges have joined the Japan Virtual Currency Exchange Association (JVCEA), according to an official announcement on Jan. 4 from the JVCEA.
The JVCEA is a self-regulatory body formed in April by 16 registered crypto exchanges that aims to create industry-wide investor safety standards. In October, Japan’s financial regulator formally granted self-regulatory status to the JVCEA to oversee the crypto sector.
The body, made in part as a response to the January 2018 $534 million hack of crypto exchange Coincheck, had released a set of regulatory guidelines in June, including a ban on insider trading and prohibition against the trading of privacy-oriented coins.
The five new Type II members of JVCEA are Coincheck, Everyone’s Bitcoin, Lastroots Inc., LVC Corporation and Coinage Corporation. The Type II classification means that the business is in the process of applying for virtual currency trader registration, Cointelegraph Japan notes.
LVC is a sister outfit of LINE, whose own native crypto exchange BITBOX launched its LINK token in mid-October.
Cointelegraph Japan reports that the JVCEA is currently only recruiting Type II members, but it will soon add a Type II classification for companies that handle virtual currency-related services like wallet dealers.
Over the summer, the exchange announced that it was considering both a margin trading limit and maximum restrictions for exchanges to place on some of their clients’ trading.
In mid-December 2018, local media reported the Coincheck had been approved for a crypto exchange operating license by the country’s financial regulator, but Coincheck’s new operator Monex did not confirm the announcement.