Japanese authorities have authorized the Association of crypto-currency exchanges (JVCEA) to oversee the trading of cryptocurrencies, to impose sanctions and to apply punitive measures against sites that do not comply with the law. The corresponding certificate was issued JVCEA today and came into force immediately.
In comments to Reuters an employee of the financial services Agency of Japan (FSA), who wished to remain anonymous, said:
“This is a very fast growing industry. It would be better if the timely formulation of rules by experts, than the bureaucrats”.
On the Association’s website explains that FSA had issued the organization a certificate, enshrining its status as an accredited oversight structure:
“[…] Today, we established regulations and began the necessary work, including maintenance of self-regulation in all the offices of members of the Association. Once you get the accreditation, we will continue to make efforts to create industry confidence for all our customers using the cryptocurrency”.
The transition to self-regulation has completed the legislative period of uncertainty for the entire cryptocurrency sector, and for most JVCEA. Despite strict rules and frequent hacker attacks on exchanges, the Japanese market remains attractive for companies associated with the digital asset. In early October, in Japan began the work payment application, SBI Holdings jointly issued and Ripple. Later on plans to include Japan in the list of accepted countries said Coinbase.