Five New Exchanges Added To Japan Virtual Currency Exchange Association

As per an official announcement, five more cryptocurrency exchanges have joined the Japan Virtual Currency Exchange Association (JVCEA) on Jan. 4.

The JVCEA, a self-regulatory body was formed in April, with 16 registered crypto exchanges. They were Money Partners Inc., BitFlyer Corporation, Quoine Corporation, Bit Bank Corporation, SBI Virtual Currencies Corporation, GMO Coin Co. Ltd, Bit Trade Co. Ltd, BTC Box Corporation, Bit Point Japan Co. Ltd, DMM Bitcoin Inc., Bito Argo Exchange Co. Ltd, Bitgate Corporation, BitOcean Co. Ltd, Fiscal Virtual Currency Exchange Inc., Tech Bureau Inc., and Xtheta Corporation.

This entity was established after $534 million was hacked from crypto exchange Coincheck in January 2018, to oversees all operations of virtual currency exchanges in the country and now aims to create industry-wide investor safety standards. It was in October, that JVCEA received the nod from Japan’s financial regulator and was formally consolidated as a self-regulatory body to supervise the crypto sector.

The body has released a set of regulatory guidelines in June, including a ban on insider trading and a prohibition against the trading of privacy-oriented coins.

Coincheck, Everyone’s Bitcoin, Lastroots Inc., LVC Corporation and Coinage Corporation are the five new Type II members of JVCEA, where the Type II classification is indicative of the fact that the business is in the process of applying for virtual currency trader registration.

As per reports, the JVCEA is currently only recruiting Type II members, and soon will add a Type II classification for companies that handle services related to virtual currency, like wallet dealers.

LVC is the sister outfit of LINE, whose own native crypto exchange BITBOX launched their token LINK, in the month of October while according to local media reports, in the month of December, last year, Coincheck had been approved for a crypto exchange operating license by the country’s financial regulator. However, Coincheck’s new operator Monex did not provide any sort of confirmation regarding the announcement.