Cryptonews People In Crypto

Japanese Exchanges Vow to Self-regulate, Seek Gov’t Approval

Exchange Japan

Regulation

Author

Tim Alper

Author

Tim Alper

About Author

Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

Author Profile

Last updated:

June 26, 2023

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

The Japan Virtual Currency Exchange Industry Association, a consortium of all 16 of the Japanese cryptocurrency exchange platforms that have obtained operating licenses from the regulatory Financial Services Agency, has held its first official meeting.

The body was formed in March this year, but yesterday met for the first time to elect its leadership structure and outline its goals. Yasunori Okuyama, president of Money Partners, was appointed the association’s chairman, and told reporters, “We will first seek to agree upon a code of self-regulatory policies. Once we have done that, we will look to gain official recognition as a self-regulatory organization.”

The body also said that it will seek to establish a code of conduct for exchanges, issue official statistics and audit its members. The members also spoke of the need to introduce tighter security measures, behave as “responsible financial institutions” and work toward shared goals, seeking to share technological advances.

Okuyama, who is also the head of the Japan Cryptocurrency Business Association, added, “It will be hard to obtain government recognition within the space of a month or two, but I hope we can get the process done as soon as possible.”