The financial services Agency (FSA) of Japan has officially endorsed created this year the Association of the cryptocurrency exchanges of the country as a self-regulatory body of the industry.
The Japanese Association of exchanges of virtual currencies (JVCEA) was established in the spring of this year, 16 operators licensed kryptomere of the country.
According to the regulator, JVCEA certified as “Association of business operators in cash”. This status will allow the organization to set the rules for participants and to take action to the violators.
According to Reuters, industry self-regulatory body has already prepared the first draft of the document. It provides that the exchange member will be required to keep a separate Bank deposits, to be able to pay compensation to users in case of break-in.
Last month was hacked crypto currency exchange Zaif is one of 16 members of the Association. The total damage amounted to about $60 million, of which customers ‘ funds were approximately $40 million From Zaif you have any difficulty with the payment of compensation to victims — own capital is not enough.
The resulting solution was complete absorption of the crypto currency exchange company Fisco, which will give the site management private exchange virtual currency — Virtual Currency Fisco. The new owner will assume full payment of restitution.
Earlier also it was reported that JVCEA intends to establish for the participants a borrowing limit of cryptocurrency traders with trading on margin. The limit of leverage is expected to limit the ratio of Deposit 1:4.