...and the new in particular is the following:
Is it not amazing?
Well let's transcribe the statement of "The Japan Virtual Currency Exchange Association (JVCEA)" as follows:
Basically,
"Japan has given formal approval for its cryptocurrency industry to regulate itself"
According to the Japan’s Financial Services Agency (FSA) “It’s a very fast-moving industry. It’s better for experts to make rules in a timely manner than bureaucrats do.”
Which means that the JVCEA had received a certification as an accredited settlements entity from the FSA, confirming its self-regulatory powers would go into effect today.
So the own Japanese Crypto Industry supervised by the JVCEA, and not the government, will self-regulate the whole crypto ecosystem in JAPAN and, more in particular, the crypto Exchanges.
The FSA expects the self-regulatory body to set rules to protect customers' assets, elaborate on anti-money-laundering (AML) policy, and give working guidelines to crypto exchanges.
IMO, the good new here is that there will not be any Financial Agency from the Japanese government laying down laws on industries they have no idea about.
You can read further here.
Looking forward to read more about it, however I think it is much better this way than waiting for Crypto regulations placed by non-experts governments.
I think it could be a good new in order to release uncertainties and re-activate the market... will see.
Keep informed.
*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently.
Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.
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by toofasteddie
