More news from Japan this afternoon.
Just to recap, at present the Financial Services Agency (FSA) have set out stringent regulations for Japanese cryptocurrency exchanges, all of whom must abide by new rules to ensure the safety and security of customers using cryptocurrencies. The FSA have established these regulations after a number of security breaches within exchanges, most notably the Coincheck hack which occured in January 2018.
News out today reports that 16 of the exchanges currently operating under the FSA’s regulations have been working together to establish a new board in a project which went live today. The board, now referred to as the Japanese Cryptocurrency Exchange Association (JCEA) will work together to ensure regulations are maintained and to ensure that transparency is reinforced. In this, the security of users is enhanced not only by the FSA but now, the JCEA will be working to establish further efforts to ensure crypto-exchange users are safe.
Japan is of course seen as the main country for ensuring cryptocurrency not only survives, but thrives. The government approach and the approach from the authorities there is not just inspiring, but it is also paving the way for optimal safe cryptocurrency trading, something that other governments are aspiring to achieve.
The JCEA is made up of a number of exchanges, including bitFlyer, SBI Virtual Currency, Bit Trade, Money Partners, BTC Box, BitPoint Japan, Bitgate, Fiscale Currency Exchange and Tech BURO.
The CEO of Money Partners, Taizen Okuyama, will act as the chairman for the JCEA, in a recent statement he has said:
“We are working hard to develop security measures and internal control, we will promptly promote the rules of transactions and advertisements and the information we disclose. We want to eliminate customers concerns and work to restore confidence in order to develop healthy markets I would like to create a situation where I can give advice to unregistered exchanges. The development of the industry as a whole is important.”
This is another positive move from Japan. As a country spearheading the blockchain revolution, we can all learn lessons from projects such as this one. It is nice to see that potential rivals are working together, instead of apart, promising the make their industry a better place for their customers. They understand that in order to flourish, they need to ensure that customers are safe and secure. Between the JCEA and the FSA, Japan looks like the place to be if you really want to engage in some high impact trading.
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