Japanese bitcoin exchanges plan to form the self-regulating organization.

According to Asia Times, group of Japanese cryptocurrency exchanges, members of Japan Virtual Currency Exchanges Association (JVCEA), filed an official application with the Financial Services Agency (FSA) proposing to form a self-regulating organization.

JVCEA was formed by sixteen exchanges in March 2018 and was officially registered by FSA in April same year.

Now JVCEA wants to obtain the status of a “certified business association in the field of financial settlements”. This will allow the organization to create the self-regulation rules for the local cryptocurrencies industry and also develop more strict standards for conducting the business.

Application has been compiled in June and consists of about 100 pages with proposals for regular audits and a ban on trading certain anonymous cryptocurrencies. Currencies like Monero, Zcash and Dash fall into this list.

beepnow team

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