Japan’s sixteen licensed digital currency exchanges have reportedly agreed to unite to create a new organization which will self-regulate the nation’s exchange marketplace. That entity will be called the Japanese Cryptocurrency Exchange Association, according to a report from media outlet Asahi Shimbun.
The move is designed to help restore confidence in the industry’s markets by establishing new rules and standards for the country’s crypto exchanges. Money Partners CEO Taizen Okuyama has been named to chair the body. He outlined the association’s goals:
"We are working hard to develop security measures and internal control, we will promptly promote the rules of transactions and advertisements and the information we disclose. We want to eliminate customers' concerns and work to restore confidence in order to develop healthy markets."
The group will work to create rules to better protect customers and improve internal controls. It says that it will “seek compliance” from members but is also considering the creation of rules that would provide penalties for operators whose actions damage trust in the industry.
The sixteen exchanges include Bit Argo Exchange Tokyo, Bit Bank, Bit Flyer, Bit Trade, Bitgate, BITOCEAN, BitPoint Japan, BTC Box, DMM Bitcoin, Fiscalo Currency Exchange, GMO Coin, Money Partners, QUOINE, SBI Virtual Currency, Tech BURO, and Xtheta.