The sixteen government-approved crypto exchanges in Japan recently came together to form an association. The association or better still, the organization has been registered with the Japanese Financial Services Agency (FSA). The purpose of this organization is to focus on building and establishing self-regulatory rules. They have full authority to carry investigations and sanction members that do not play by the rules.
During their most recent general meeting, the Japan Virtual Currency Exchange Association chose a director, this according to reports carried by Jiji Press.
The group recently elected Taizen Okuyama, the president of Money Partners, as Chairman during its Board of Directors meeting held on April 23rd, 2018. The association was also launched on that same day.
The 16 that founded the Japan Virtual Currency Exchange Association, and also the members are Bitflyer, Money Partners, Bitbank, Bitpoint, Quoine, SBI virtual Currencies, Fisco Virtual Currency, Btcbox, Zaif, GMO Coin, Bittrade, Tokyo Bitcoin Exchange (DMM Bitcoin), Bitarg Exchange Tokyo, FTT Corporation, Xtheta Corporation and Bitocean.
Already, there are two other associations existing in the Japanese crypto space: the Japan blockchain Association (JBA) and the Japan Cryptocurrency Business Association (JCBA).
JBA is headed by Bitflyer CEO by name Yuzo Kano and JCBA’s head is no other than the president of Money Partners Group.
The new umbrella body recognizes “deemed dealers”. Those are the exchanges allowed to operate while their registrations are being reviewed. An example of such is Coincheck that was hacked in January.
The FSA has very strong rules against deemed dealers. According to Masashi Nakajima, a professor at Reitaku University, most users did not know that Coincheck was unlicensed.