Japan Virtual Currency Exchange Association (JVCEA) has welcomed another five new members to its fold as it continues to foster standard self-regulatory practices among crypto operators.
The group released a formal statement on January 4, to welcome the new entrants. The post listed the new members of the self-regulatory group include Coincheck (now operated by Monex Group), Everyone’s Bitcoin (recently acquired by Rakuten), LVC Corporation, Lastroots Inc., and Coinage Corporation
JVCEA was created as a self-regulatory body for registered cryptocurrency exchanges in the country as a means of restoring confidence in the crypto space shortly after the hack that affected Coincheck exchange in January of that year. However, it was not until October 2018 that Japan’s crypto regulators, the Financial Service Agency (FSA) approved JVCEA as a self-regulatory body for the crypto sector.
The group originally comprised the 16 cryptocurrency operators fully licensed by Japan’s FSA to operate in the country. As reported by Smartereum, the JVCEA promised to allow other exchanges including those with provisional licenses and those seeking a licenses to join provided they were willing to follow its guidelines.
Friday’s announcement has now confirmed that the first set of non-licensed members have now joined the group. These five new members were registered as Tier 2 members while the 16 licensed members retain the class 1 membership.
JVCEA promise more Self-Regulation for 2019
In a New Year message signed by the president of the association, the JVCEA resolved to pursue more self-regulation to maintain a healthy crypto market in 2019. A loosely translated version of the message read:
“This year, when the era is renewed this year, it is an opportunity to return to the origin and start again to establish a healthy virtual currency market leading to the world in Japan. We will not miss this opportunity and we will work on such a year to recognize the virtual currency as an indispensable role supporting future digital innovation in the world.”
On the backdrop of the major crypto hacks that affected exchanges like Coincheck and Zaif the past year, the body said it, work with regulators and stakeholders to ensure safe trading practices in the sector. “We will provide guidance and encouragement from the authorities and various people concerning the way of industry and market so far,” the JVCEA president wrote.
As Smartereum reported, the group earlier suggested to its member exchanges to consider imposing limits on the trading activity of some of its clients in other to protect them from huge losses.
Coincheck making its way to Full Licensing
The story of Coincheck exchange may well end on an encouraging note as the exchange which lost $530 million worth of cryptocurrency to hackers have progressed positively. First the exchange was acquired by Monex Group and made moves to compensate customers who were affected by the crypto heist.
The exchange soon resumed opportunities and bettered its position to receive the coveted full license by Japan’s regulators. Unconfirmed reports in December had it that Coincheck has been upgraded from a Pseudo-operator to a fully licensed operator.