New cryptocurrency exchanges have joined the Japan Virtual Currency Exchange Association (JVCEA). The information was released by the agency on January 4 in an official announcement.
This agency was created back in 2018 in order to create better standards for the cryptocurrency industry. The JVCEA was created a few months after the hack experienced by the cryptocurrency exchange Coincheck, that lost around $500 million in NEM (XEM) tokens. Other virtual currency exchanges had also experienced some security issues.
The regulatory body has taken some important measures after these issues. For example, it included a ban on insider trading and prohibited trading of privacy coins such as Monero (XMR).
The virtual currency exchanges that are now part of the JVCEA are Coincheck, Everyone’s Bitcoin, Lastroots Inc., LVC Corporation and Coinage Corporation. At the moment, the regulatory agency is trying to incorporate exchanges that have the Type II classification. The Type II classification makes reference to companies that are applying for virtual currency trader registration in the country.
Back in December 2018, media reported that Coincheck was approved to receive a license by the financial regulator of the country, the FSA. The Financial Services Agency provides exchanges with the necessary license to participate in the crypto market in the country.
Japan is one of the most popular countries for cryptocurrencies. The country is very active in the crypto market but it has also taken very hard measures to avoid scams and fraudulent activities to take place on the island. Several Initial Coin Offerings (ICOs) were launched to the market and some of them were just scams.
Now Japan is known as one of the most regulated and prosperous places to start a crypto business.