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Cryptocurrency group in Japan approved as self-regulatory body

  • October 24, 2018
  • , Jiji Press , 8:04 p.m.
  • English Press

Tokyo, Oct. 24 (Jiji Press) — Japan’s Financial Services Agency said Wednesday that it has certified an industry group for cryptocurrency exchange operators as a self-regulatory body under the payment services act.

The Japan Virtual Currency Exchange Association, which is composed of 16 companies, will aim to regain public trust after the industry’s credibility was damaged by a series of thefts of customer assets.

The group has power to conduct on-site inspections of cryptocurrency exchange operators and impose penalties, such as membership suspension, on them for irregularities.

In its self-imposed rules, the group set the upper leverage limit for cryptocurrency margin trading at four times the amount of deposits with exchanges, in a bid to help investors avoid huge losses.

The rules also include regulations aimed at preventing money laundering and insider trading.

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