Crypto exchanges Gemini, Bitstamp, Bittrex, and bitFlyer USA have announced the creation of a self-regulatory organization for digital commodities, such as cryptocurrencies, Business Insider reports August 20. The new group, dubbed “Virtual Commodity Association Working Group,” aims to help large-scale investors get more comfortable with the crypto market, work on formulating industry standards, and “be a precursor to the formation of a self-regulatory organization for digital commodities like [B]itcoin and [E]thereum” Business Insider reports. The first meeting of the newly created association is set to take place in September this year. Business Insider quotes its source as explaining the kinds …
The two vice-presidents of Japan’s self-regulatory cryptocurrency exchange body have resigned after their exchanges received regulatory warnings, Cointelegraph Japan reports June 25. Just a week after the Japan Virtual Currency Exchange Association (JVCEA) produced its first guidelines on industry best practice, Yuzo Kano and Noriyuki Hirosue announced they would be stepping down as vice presidents of the organization. Kano and Hirosuei are CEOs of bitFlyer and Bitbank respectively, both of which received business improvement orders from Japan’s Financial Services Agency (FSA) June 22. Part of an ongoing tightening up of Japan’s cryptocurrency exchange sector, a total of six exchanges will …
Japan’s Financial Services Agency (FSA) will be issuing business improvement notices to five registered cryptocurrency exchanges by the end of this week, Cointelegraph Japan reports Tuesday, June 19. According to the FSA inspections, crypto exchanges BitFlyer, Quoine, Bitbank, BITPoint Japan, and BtcBox do not have the proper internal management systems, including their measures to prevent money laundering. BitFlyer, Quoine and Bitbank are some of the largest crypto exchanges both in the country and in the world, currently sitting at 27th, 18th and 20th places by trade volume, according to Coinmarketcap data. When asked about the business improvement notices, BITPoint Japan …