Representing the Japanese crypto-currency industry, two large associations came to an agreement on the formation of a self-regulatory organization, which, with the assistance of the Financial Services Agency (FSA), will develop security standards for investors.
The press conference, at which it was announced the creation of a new group, was held on Friday, March 2.
The organization, although not yet officially named, represents 16 licensed exchanges and will begin operations in April 2018. Among the areas of its activity is also called the sphere of initial coin placement (ICO).
The founders of the new organization were the Association of the Crypto-Currency Business (JCBA) and the Japan Blockade Association (JBA). Chairman of the JCBA and president of the trading platform Money Partners Group, Taizen Okuyama, was appointed chairman, Yuzo Kano, CEO of the Tokyo bitFlyer exchange and the head of the JBA.
It is assumed that the new association will have the right to require its members to adhere to strict rules of regulation. Moreover, if the organization's activities are approved by the government, it will be able to prohibit the exchange operators from listing certain crypto-currencies and tokens, for example, if it is suspected that these coins are used for money laundering.
As the representatives of the organization expect, they will eventually be able to increase the confidence of the community after the January cracking of the Coincheck exchange, which resulted in the kidnapping of more than $ 500 million.
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Japan is really leading the world with regards to the sensible adoption of cryptocurrency. Hopefully the rest of the world will follow in their footsteps. I think we will have more clarity on potential regulations after G20. Fingers crossed for good news.