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JVCEA Welcomes Five New Members

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The Japan Virtual Currency Exchange Association (JVCEA) has welcomed five more cryptocurrency exchanges according to an official announcement on the JVCEA site.

The JVCEA is a self-regulatory body that was founded in April by 16 registered crypto exchanges that seeks to make industry-wide investor safety benchmarks. In October, Japan’s financial regulator officially granted self-regulatory status to the JVCEA to supervise the crypto sector.

The group, which was established partly because of the January 2018 $534 million hack of crypto exchange Coincheck, had published a set of regulatory guidelines in June, that included a ban on insider trading and prohibition against the trading of privacy-oriented coins.

The five new Type II members are Coincheck, Everyone’s Bitcoin, Lastroots Inc., LVC Corporation and Coinage Corporation. The Type II classification basically means that the business is still applying for virtual currency trader registration, according to information from Cointelegraph Japan.

LVC is a sister firm of LINE, whose own native crypto exchange BITBOX introduced its LINK token in October.

At the moment, the organization is only recruiting Type II members, but would soon add a Type II classification for firms that deal with virtual currency-related services such as wallet dealers.

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