Japan Virtual Currency Exchange Association (JVCEA)
| Japan Virtual Currency Exchange Association (JVCEA) | |
| Founded | 2018 |
|---|---|
| Headquarters | Tokyo, Japan |
| Key People | Tateyasu Okuyama, president |
| Employees | Approx. 16 |
| Website | JVCEA Website (Japanese Language) |
| Releases | Company News |
The Japanese Virtual Currency Exchange Association (JVCEA) is a self-regulation entity for the Japanese cryptocurrency industry. It is formally recognized by the Japanese Financial Services Agency (FSA) and has the authority to pass and enforce regulations and standards for cryptocurrency exchanges in Japan, following an international roundtable discussion hosted by the FSA that included representatives from crypto-based businesses and regulatory bodies from over 15 countries.[1][2]
History[edit]
The JVCEA was established in April 2018 in response to a hacking attack in January that caused more than $534 million worth of NEM digital tokens were stolen from the Japan-based cryptocurrency exchange Coincheck. Initially, the focus of its operations was inspecting the security of exchanges in Japan. In August, the Japanese exchange Zaif was hacked, causing $59.7 million worth of digital assets to be lost. In response, the JVCEA announced that it would begin enforcing stricter regulations for "hot wallets." It became an officially-recognized regulatory body on October 24th.[3]
In July 2019 Yoshitaka Kitao, CEO of Japan's SBI Group stepped down from his role as president of the JVCEA, just two weeks after starting the role.[4]
References[edit]
- ↑ Japanese Crypto Exchange Group Gets Legal Status to Self-Regulate Industry. Coindesk.
- ↑ About certification of certified fund settlement company association. Coindesk.
- ↑ Japanese Financial Watchdog Grants Self-Regulatory Status to Local Crypto Exchanges. Cointelegraph.
- ↑ Japan's Crypto Exchange Association Just Lost Influential Boss. Cointelegraph.