Japan is soon to find the very first self-regulatory body for the cryptocurrency market sector as reports of a suitable arrangement emerged regarding the neighbourhood news outlet Asahi Shimbun Tuesday, April 24.
According to Asahi Shimbun, the nation’s sixteenth 16th licensed foreign trade operators have taken measures to finally establish what’s going to become the Japanese Cryptocurrency Exchange Association (JCEA).
The team will produce best practices and compliance criteria, which all members will be asked to maintain.
Additionally, it will counsel with the twelve or so trades not enrolled as a member of Japan’s cryptocurrency licensing strategy in regards to cross-industry “development,” based on JCEA chairman Taizen Okuyama, president and CEO of currency company Money Partners.
“I would like to create a situation where I can give advice to (unlicensed exchanges), the development of the industry as a whole is important,” he advised Asahi Shimbun.
The path to the production of the group was long. Plans started surfacing back in February from 2 business entities whose members currently compose the JCEA – The Japan Blockchain Association (JBA) and also Japan Cryptocurrency Business Association (JCBA).
Despite the need, JBA executive manager Yuzo Kano suggested that growing a business standards effort wouldn’t occur at the moment.
“There is an improvement, but it is not yet a concrete fact,” he composed on Twitter at the moment.