Japan’s Crypto Industry to Launch “Self-Regulation” of Stablecoins

WikiBit 2024-11-06 18:05

The Japan Virtual Currency Exchange Association (JVCEA), Japan’s largest alliance of cryptocurrency exchanges and blockchain companies, has announced it will begin “self-regulation” of stablecoins.

JVCEA‘s role has been formally recognized by Japan’s top financial regulatory body, the Financial Services Agency (FSA). According to Japanese news outlets CoinPost and Nikkei, JVCEA will collaborate with the FSA to handle regulatory-related matters.

The association already oversees Japans crypto exchange industry, addressing issues like token listing agreements. Previously focused on “crypto exchange business and crypto-related derivatives trading firms,” JVCEA will now expand its regulatory scope to include the “electronic payment tools trading industry.”

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