The main financial regulator in Japan has officially given cryptocurrency industry an autonomous status, letting a field unit make operations within the country.
Financial Service Agency (FSA) has granted Japan Virtual Currency Exchange Association (JVCEA), a unit of 16 licensed domestic cryptocurrency exchanges, to become “a certified business association in regulation issues”.
In addition to this, the regulator provided the field unit with funds to draft the main principles for domestic exchanges. It includes strict measures on insider trading suppression and anti-money laundering, adopting security standards to save clients’ assets.
The association has confirmed its accreditation in the statement, marking that it has “self-regulation rules”.
“With this accreditation we will keep making efforts towards building an industry where you could trust anyone who uses virtual currency,” the JVCEA representative said.
FSA’s affirmation takes place at the same time when the Japanese authorities are considering their own regulatory approach towards the industry after two big cryptographical thefts this year.
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