JAPAN’S Financial Services Agency has granted the cryptocurrency industry with a self-regulatory status allowing an industry body to maintain order with domestic exchanges.
The Japan Virtual Currency Exchange Association was approved on Wednesday which is comprised of the 16 Japanese exchanges currently operating. The body is now a fully certified fund settlement business association.
The Japanese regulator has given certain powers to the industry body which will allow them to create guidelines for the multiple exchanges.
The new industry regulator will be expected to hand out strict rules to help limit insider trading and plan to implement more measures to keep customer assets safe.
The industry association said in a statement today, stressing it has “enforced self-regulation rules on the same date.”
It added: “With the acquisition of the accreditation, we will continue to make further efforts to create an industry that you can trust from everyone who uses virtual currency with exchanges.”
The FSA approval comes at a time when Japanese cryptocurrency thefts have tripled in since the beginning of 2018 as sums of over half a billion have been stolen from exchanges.