RATE Group | Japan grants cryptocurrency industry self-regulatory status
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Japan grants cryptocurrency industry self-regulatory status

24 Oct Japan grants cryptocurrency industry self-regulatory status

Posted at 10:44h in Cryptocurrency News by

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Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on a PC motherboard in this illustration picture, February 13, 2018. REUTERS/Dado Ruvic/Illustration
Representations of the Ripple, Bitcoin, Etherum and Litecoin virtual currencies are seen on motherboard in this illustration picture
Thomson Reuters

By Taiga Uranaka

TOKYO (Reuters) – Japan’s Financial Services Agency (FSA) on Wednesday gave the cryptocurrency industry self-regulatory status, permitting the , Japan Virtual Currency Exchange Association to police and sanction exchanges for any violations.

The government has been reviewing its approach toward an industry that has been hit twice by large-scale thefts.

The FSA approval gives the industry association rights to set rules to safeguard customer assets, prevent money laundering, and give operational guidelines. The association will also have to police compliance.

“It’s a very fast moving industry. It’s better for experts to make rules in a timely manner than bureaucrats do,” a senior FSA official said in a briefing, declining to be named.

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