Japan’s Self-Regulated Organization of Cryptocurrencies Ready to Get Started

April 25, 2018

The first self-regulated organization is to start functioning in Japan soon to incorporate local licensed crypto exchanges. Local agency Asahi Shimbun has reported on the official agreement concluded on April 24.

Sixteen licensed crypto exchanges have made the last steps to launch self-regulated organization called Japanese Cryptocurrency Exchange Association (JCEA).

The event resulted from the Coincheck hack late January. Licensed crypto platforms decided to join up to develop better security solutions and compliance standards the members will have to meet. The organization will also provide advice for unlicensed exchanges to promote the industry. Remember that Japan is the only country to grant official licenses for crypto exchanges.

“I would like to create a situation where I can give advice to (unlicensed exchanges), the development of the industry as a whole is important,” told JCEA chairman Taizen Okuyama.

Note that plans of the Japan’s crypto exchanges to consolidate were first mentioned in February.

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