The Japan Virtual Currency Exchange Association (JVCEA), the official self-regulatory organization for the local crypto industry, has announced that three more companies have registered as members of the second class. About this writes the Cointelegraph with reference to the official statement of JVCEA.
We are talking about the largest US cryptocurrency company Coinbase, as well as Digital Asset Markets and Tokyo Hash. Participants of the second class of the organization may later register as companies offering cryptocurrency exchanges or planning to apply for this activity.
Coinbase intended to obtain a license from the Japan Financial Services Agency (FSA) in 2019, but has not yet implemented these plans. The company, however, found other ways to expand its influence in the Japanese market, including cooperation with Bank of Tokyo-Mitsubishi UFJ.
Recall that the status of a self-regulatory organization JVCEA received in October 2018. The financial regulator has empowered the Association to develop rules for the local cryptocurrency industry, including measures to prevent insider trading, combat money laundering and protect assets.
New legislation in the field of regulation of cryptocurrencies in Japan was adopted last summer. Aimed at further protecting consumers and enhancing regulatory certainty, it includes tighter control over derivatives products, and also defines measures to prevent the risks of hacking exchanges.
A new legal term for cryptocurrencies was also defined – now they are officially called “crypto assets” and not “virtual currencies”. The new rules are expected to enter into force in April this year.