The Japanese Virtual Currency Exchange Association (JVCEA) has recently welcomed five new members into the fold.
The JVCEA was founded on April 2018 when 16 crypto exchanges joined hands with the ultimate aim of providing self-regulatory standards for the industry-wide investors. Later in October, it was officially given self-regulatory status by Japan’s financial regulator to supervise the crypto sector.
As a result of a USD 534 million hack of a crypto exchange (Coincheck) back in January 2018, the body issued comprehensive regulatory guidelines to mitigate any future hacks. These regulations banned insider trading and prohibited the trading of privacy-based coins.
The new companies joining JVCEA are: Coinage Corporation, Everyone’s Bitcoin, LVC Corporation, Lastroots Inc. and Coincheck. These companies are classified as Type II by the body, which means that these companies are still in the process of obtaining the virtual currency trader registration.
Reportedly, JVCEA is only recruiting Type II members at the moment. However, it is planning to add a classification for the wallet creators in the near future as well. On the other hand, the exchange association claimed that it is looking to put a margin trading limit along with the maximum restrictions to be placed by the exchanges on their clients’ trading.
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