Association of exchanges of virtual currencies have been able to develop control rules of the industry, it will tighten the requirements to combat insider trading and money laundering
The Japanese Association of exchanges of virtual currencies (JVCEA) received the status of “certified business associations in the field of financial calculations” from the local financial regulator, the financial services Agency in the country (FSA). Now the SRO will be able to develop local rules for the blockchain industry, including anti insider trading, money laundering and protection of assets, according to CCN.
Representatives JXCEA told that they have developed rules come into force from October 24. The organization has developed a 100-page guide for market participants which among other things indicated a complete ban on insider trading and restrictions on transactions with anonymous cryptocurrency. The Association has proposed to limit the amount of leverage in margin trading up to x4.
The organization was formed by 16 leading stock exchanges of Japan in March 2018, it was officially registered with the FSA in April. In August the Association filed an application with the proposal of creating a self-regulatory organization, which would establish rules to control the market for local blockchain-industry and release more stringent standards for companies in this field.
More news on cryptocurrency can be found in our telegram channel RBC-Crypto.