16 Crypto Exchange Approved by the Government Make Self Regulatory Bodies in Japan
Apr 16, 2018 Posted / 782 Views
New crypto organizations have come up in Japan all accredited and foreseen by the Financial Services Agency of Japan which consists of 16 crypto exchange under it!
This is not only new but is commendable news which has surfaced from Japan recently now.
As reported by the Jiji Press, the Japan cultural currency exchange held a meeting in regard to this, and a director was also chosen to preside over the meeting for this purpose.
The association or rather the group has planned to “elect Taizen Okuyama, President of Money Partners as Chairman” when the next meeting of the board of directors take place on April 23.
This is the date when the association will be formally launched.
Also, the news agency reported that the association aims to establish certain rules and regulation for the member exchanges listed under it and also they will hold the complete authority to investigate certain matters of importance and banish members from the association if foul play is suspected!
The founder members are none other than the 16 fully functional crypto exchanges working in Japan which are recognized by the government as well. They are Bitflyer, Money Partners, Bitbank, Bitpoint, Quoine, SBI Virtual Currencies, Fisco Virtual Currency, Btcbox, Zaif, GMO Coin, Bittrade, Tokyo Bitcoin Exchange (DMM Bitcoin), Bitarg Exchange Tokyo, FTT Corporation, Xtheta Corporation, and Bitocean.
It is also to be noted that Japan already has two functional association for this purpose namely; the Japan Blockchain Association (JBA) which is headed by Bitflyer CEO Yuzo Kanonand the Japan Cryptocurrency Business Association (JCBA) which is headed by the president of Money Partners Group. These two association are the most famous ones in Japan and getting a spot in them is considered to be really coveted and a matter of pride for any exchange!
This new association formed will, however, be a member of both the JCBA and the JBA. An example of crypto exchanges being a part of both these association are the Coincheck and GMO coin. It is said that while all members of this new association which has been formed are Financial Services Agency of the FSA-approved exchanges, members of the JBA and the JCBA also have included in them some “deemed dealers,” which the agency allows to deal in the time their application and registration is evaluated. Coincheck, which was hacked in January of 2018 also falls under this category. But again, not many people knew this till now.
The FSA is currently working towards strengthening and revising its rules for all the deemed dealers. Masashi Nakajima, Professor at Reitaku University, who participates in the agency’s research group, brought to the notice of many that majority people still don’t know that Coincheck is still not recognized and is a deemed dealer category.“I ask for a mechanism that is easy to recognize at a glance” to indicate that exchange is still unlicensed such as a posting on the exchange’s website, he was quoted.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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