Japanese Exchanges To Regulate Themselves; Seek To Bolster Trust

In an interesting turn of events, the 16 Japanese registered exchanges announced yesterday that they will launch a member body to self-regulate themselves, according to this source. The Japanese board will be comprised of the recognized licensed exchanges and the ones that are still passing government regulation scrutiny.
Japan has been a pioneer in cryptocurrency regulation, since the fall and debacle of Mt. Gox, that still has ramifications till this day. Japan already recognizes bitcoin as a form of payment and regulates operations in a KYC (know your customer) basis with exchanges. But now, amidst the chaos that the industry faced earlier this year, when Coincheck was hacked and more than 534 million dollars were stolen, the same exchanges want to establish laws for these kinds of incidents.
A self regulating body would bolster confidence of the customers and would show certain madurity in an incumbent market. The rules set up by this body would have to be approved by the Japanese Financial Services Agency, the govenment crypto watchdog. These rules and their reach will be announced later.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…