Japan’s 16 Licensed Cryptocurrency Exchanges Launch Self-Regulatory Body

A concentrated effort among 16 licensed Japanese cryptocurrency exchange operators to ‘restore confidence’ in the sector following the $530 million Coincheck theft in January has finally seen the launch of a self-regulatory body.

In a report by Japanese news outlet Asahi Shimbun on Tuesday, sixteen cryptocurrency exchanges currently registered and licensed by the Financial Services Agency (FSA), the country’s financial regulator, have launched a self-regulating body that will be known as the ‘Japanese Cryptocurrency Exchange Association’.

In addition to developing standards for the wider industry, the new body will also create and establish guidelines for initial coin offerings (ICOs) in Japan by working alongside the FSA. The launch of the association comes after months of rumors of domestic licensed exchange operators banding together to adhere to self-imposed rules in order to foster a healthy trading environment, particularly in the aftermath of January’s infamous Coincheck theft.

Reference: https://www.ccn.com/japans-16-licensed-cryptocurrency-exchanges-launch-self-regulatory-body/

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