25 Oct 2018
AP – Japan’s Financial Services Agency (FSA) on Wednesday gave the cryptocurrency industry self-regulatory status, permitting the Japan Virtual Currency Exchange Association to police and sanction exchanges for any violations.
The government has been reviewing its approach toward an industry that has been hit twice by large-scale thefts.
The FSA approval gives the industry association rights to set rules to safeguard customer assets, prevent money laundering, and give operational guidelines. The association will also have to police compliance.
“It’s a very fast moving industry. It’s better for experts to make rules in a timely manner than bureaucrats do,” a senior FSA official said in a briefing, declining to be named.
– By Taiga Uranaka, Reuters, 24 October 2018.
Link to Reuters.
Advance your CPD minutes for this content, by signing up and using the CPD WalletFREE CPD Wallet