The Japanese regulatory authority has now decided to leave the Bitcoin industry itself. Rather than try to continue to want to have a growing and (seemingly) uncontrollable industrial control, it is now: self-regulation.
Bitcoin, regulating yourself out of it! This seems to have the Japanese regulatory authority meant, as you gave the Japanese Virtual-Currency Exchange Association permission to provide in the future, for the internal regulation of Bitcoin exchanges.
The Japanese Virtual-Currency Exchange Association (JVCEA) is a consortium of major players in the industry. It represents a total of all 16 Japanese Bitcoin exchanges. As you can see from an official notification from the financial Supervisory authority in Japan, it is left to the industry itself, to determine appropriate guidelines. This must, however, comply with the requirements of the financial Supervisory authority. The Association must ensure that it comes to undesirable acts such as Insider Trading or money laundering. Also, the Bitcoin exchanges should ensure that the deposits of the users are sufficiently protected.
Hacks of Bitcoin exchanges to prevent
So you want to prevent that in the future between cases, such as the stock exchange Zaif. This Unknown attacked the stock exchange and withdrawals of crypto-currencies with a total value of US $ 59 million. Even worse, it is met by the way, Coincheck. There were good 530 million US dollars, which disappeared. The Bitcoin exchange had to explain to then in front of the financial Supervisory authority.
the strategy of The financial supervision authority
at the beginning of September had been issued by the financial Supervisory authority in Japan is already some guidelines for dealing with Bitcoin & co. In it, tightened the selection process for the granting of licenses to crypto exchanges. So we increased the number of exam questions to about 400. The applicant had to agree, therefore, protocols of the meetings of the management Board. The Supervisory authority wanted to check whether there is enough discussions on security and financial health of the company have taken place.
The Japanese financial regulator pursues an effective strategy. By you are first of all a Framework of rules and the responsibility then of the Bitcoin exchanges, transfers, and fulfilled your obligations. After fulfilling this obligation, she hands over the responsibility, however, and can devote himself henceforth to other things.
