Hi guys, do you know that Japan has allowed cryptographic exchanges to self-regulate? If you do not do it then no problem. Today, I will share a brief discussion on this topic.
Therefore, let's start.
HERE are the deets.
Japan is one of the cryptocurrency trading countries that has allowed cryptographic exchanges to self-regulate through the Japanese Virtual Currency Exchange Association, as reported by Reuters.
The Japan Financial Services Agency (FSA) will transfer supervisory powers to the sector body.
Cryptocurrency trading management standards have not yet been defined and Japan has been the scene of several major hacks, starting with Mt.
Gox and more recently Coincheck and Zaif. Problems remain with respect to technology standards and token security.
Trade must be monitored in a number of ways, including the safety of consumer funds and the prevention of money laundering. The professional body should also develop operational guidelines.
Until recently, the FSA was the regulator of cryptographic exchanges. However, most Japanese markets operate with prior authorization, pending further compliance.
Stock exchanges are allowed to manipulate cash and access a bank, but in terms of cryptography, traditional financial regulation has little power.
Legal experts consider that the rules of the self-regulatory organization are stricter than financial laws. Nevertheless, there is some doubt that the association can mobilize sufficient staff and expertise to examine each case.
Despite regulation, Japanese stock markets have had ups and downs and volatility similar to other markets.
The FSA has approved 16 exchanges, none after December 2017.
At one point, Japan was the most popular place for the Bitcoin trade, with yen pairs accounting for up to 60% of Bitcoin volumes.
Since then, yen trading has declined and the price of Bitcoin is mainly fixed via the Tether (USDT) pair.
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