Japan has awarded self-regulatory status to the country's cryptocurrency industry. The move, which is effective immediately after being approved by Japan's Financial Services Agency, means that the Japan Virtual Currency Exchange Association (JVCEA) will oversee all regulation relating to the sector, which includes providing operational and compliance guidelines, coordinating anti-money laundering initiatives and protecting customer assets. JVCEA, launched August 2018, consists of 16 licensed cryptocurrency exchanges in Japan and was established in an attempt to restore confidence and provide greater protection to the industry following a number of high profile cyber attacks costing investors more than $600m.
Japan has awarded self-regulatory status to the country's cryptocurrency industry. The move, which is effective immediately after being approved by Japan's Financial Services Agency, means that the Japan Virtual Currency Exchange Association (JVCEA) will oversee all regulation relating to the sector, which includes providing operational and compliance guidelines, coordinating anti-money laundering initiatives and protecting customer assets. JVCEA, launched earlier this year, consists of 16 licensed cryptocurrency exchanges in Japan and was established in an attempt to restore confidence and provide greater protection to the industry following a number of high profile cyber attacks costing investors more than $600m.