JBA And JCBA To Set Up Self Regulatory Body

JBA And JCBA To Set Up Self Regulatory Body

JBA And JCBA To Set Up Self Regulatory Body
The Japan Blockchain Association (JBA) and the Japan Cryptocurrency Business Association (JCBA) have agreed to join together in an effort to accelerate the establishment of voluntarily regulation and regain public trust. Mainstream media suggest: the JBA and the JCBA would become one entity from 1st of April.

The new organization plans to quickly tackle the creation of rules on the protection of active customers, as well as system disruption, advertising and insider trading. The integration talks, which began after the hack attack on the cryptocurrency market coincide with the end of last month, resulted in a base agreement by Thursday.

Japan's revised Payment Services Act, which came into effect last April, requires the registration of virtual money market operators. Under the revised law, operators are allowed to form a voluntary self-regulatory organization. The financial services industry has already been established, but the Financial Services Agency has refused to allow them to join the JBA and the JCBA.

Once the new body is approved by the agency, it will gain the power to set penalties for breaches of its self-imposed rules. This should also help address calls by banks and other businesses in the conventional financial industry for virtual currency businesses to establish a robust self-regulatory regime.