Japan's Virtual Currency Exchange Association will reportedly be releasing new voluntary rules next week, Cointelegraph Japan reports today, June 18.
The official announcement of the regulatory guidelines, set for June 27th, will reportedly include a ban on insider trading, penalizing cryptocurrency exchange employees if they engage in "Inappropriate" trading due to their firsthand knowledge.
In order to conform to anti-money laundering regulations, the voluntary regulation proposal will also prohibit the trading of anonymity-oriented cryptocurrencies, such as Monero and Zcash, on exchanges.
Formed at the end of April following the $530 mln NEM hack of Japanese crypto exchange Coincheck, the JVCEA is a self-regulatory body that combined the two crypto entities already in existence - the Japan Blockchain Association and the Japan Cryptocurrency Business Association.
The organization, which is made up of Japan's 16 licensed crypto exchanges, describes its operations as inspecting the security of crypto exchanges in Japan, as well as more specific tasks like assessing tokens issued in Initial Coin Offerings.
In April, Korea's self-regulatory cryptocurrency association released its own set of guidelines, which included managing clients' coins separately from their own supply, holding a minimum equity of 2 bln won, and releasing regular audit and finance reports.
Japan's Self-Regulatory Crypto Exchange Body to Release Voluntary Rules, Report Says
Udgivet den Jun 18, 2018
by Cointele | Udgivet den Coinage
Coinage
Seneste nyheder
Se alt
First Mover: What's Next for Bitcoin as Wall Street Gets Vaccine Booster
Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600, as news of progress in developing a coronavirus vaccine appeared to touch off a rally in U.S. stocks.
Market Wrap: Bitcoin Fails to Break $15.9K; Over 50K ETH Staked on Eth 2.0 Contract
Bitcoin gained Wednesday while Ethereum 2.0 staking has been ramping up.
Citibank Analyst Says Bitcoin Could Pass $300K by December 2021
A senior analyst at U.S.-based financial giant Citibank has penned a report drawing on similarities between the 1970s gold market and bitcoin.
Blockchain Bites: Data Unions. Hard Forks. And One Citi Analyst's Case for $300K BTC.
A Citibank managing director thinks bitcoin could hit $318,000.