Japan Virtual Currency Exchange Association Welcomes Five More Crypto Exchanges
The Japan Virtual Currency Exchange Association welcomed five more crypto exchanges according to an official announcement from the association that reached our blockchain news today.
The virtual currency exchange association is a regulatory body that was self-formed back in April 2018 by 16 registered crypto exchanges that wanted to create standards for all the industry investors. The financial regulator of Japan granted a self-regulatory status to the Japanese virtual currency association in October and will help in overseeing the entire crypto sector.
The self-regulatory body was formed after in January 2018 one of the biggest hack attacks in crypto history happened to the crypto exchange Coincheck where about $534 million were wiped out off the exchange. The JVCEA released regulatory guidelines in June where they also proposed the ban on insider trading and the prohibition against trading of coins that are privacy-oriented.
The new addition of the JVCEA are Lastroots Inc., Coincheck, LVC Corporation, Coinage Corporation, and Everyone’s Bitcoin.
All of the five companies belong to the Type 2 members classification which is a classification meaning that the businesses are in the process of applying for trader registration as virtual traders. The JVCEA will currently recruit Type 2 members but will also allow for companies to handle virtual currency services very soon.
As mentioned, Coincheck is now a member of the association and the exchange even announced that it is considering providing a margin trading limit. The exchange also got approval for a crypto exchange operating license however its new operator Monex did not confirm the announcement.