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Cryptocurrencies

Japanese crypto exchanges to form self-regulatory organization

Tuesday 7 August 2018 | 10:29 AM CET

The Japan Virtual Currency Exchange Association (JVCEA) has filed to the Japanese Financial Services Agency (FSA) a detailed proposal to form a self-regulatory organization.

JVCEA, which was formed by 16 exchanges in March 2018 and registered with the FSA in April 2018, has applied to become a "certified fund settlement business association," CoinDesk has cited Asia Times. This would effectively allow the JVCEA to impose self-regulatory rules on the cryptocurrency trading market as part of an effort to create stricter industry standards.

Some of the rules included in the drafted document require cryptocurrency exchanges to regularly conduct audits, as well as prohibit certain anonymous cryptocurrencies from being traded such as Monero or Dash.

Moreover, the JVCEA aims to limit the amount of borrowing when it comes to margin trading, that is trading with borrowed money, to be at a maximum of four times an investor’s original deposit, as previously reported by CoinDesk.

More: Link
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