Japan’s Virtual Currency Exchange Association (JVCEA) to Release New Guidelines
Japan’s Virtual Currency Exchange Association (JVCEA) is a partnership made up of sixteen exchanges in Japan. All these exchanges are registered under the Financial Services Agency in Japan. JVCEA was established in April 2018 with the sole purpose of reinforcing the regulatory framework of all the cryptocurrency exchanges in Japan.
The initiative to establish JVCEA was as a result of the Concheck hack in which investors lost about $530 million which was taken away from NEM (XEM) tokens. Taizen Okuyama, who is the CEO of Money Partners, has been hired to lead JVCEA. He is expected to work closely with Japan’s current connoisseurs in matters cryptocurrencies.
Among the organizations that Okuyama is expected to closely work with include Japan Blockchain Association (JBA) as well as Japan Cryptocurrency Business Association (JCBA). In April 23rd, 2018, JVCEA held its first assembly where fundamental issues surrounding cryptocurrency exchanges were taken into account. At the end of the meeting, it was concluded that there is an essential and imperative necessity to look into the security of customers.
During the meeting, Okuyama asserted that among the key issues he will address will be to ensure that all safety procedures as well as in-house controls will be put in place. He also pointed out that JVCEA will work towards eliminating the concerns of clients as well as working towards restoring public confidence so as to establish a healthy cryptocurrency market.