9 months ago

A group of Japanese crypto-exchanges, members of the Association of Virtual Currency Exchange, filed an official application with the Financial Services Agency (FSA) with a proposal to form a self-regulating organization.

JVCEA intends to obtain the status of a “certified business association in the field of financial settlements”. This will allow the organization to establish rules for self-regulation for the local industry of cryptocurrencies, as well as to develop more stringent standards for conducting business.

The working version of the application was compiled in June and includes about 100 pages with proposals for regular audits and a ban on trading certain anonymous cryptocurrencies such as Monero, Zcash and Dash.