The Japan Virtual Currency Exchange Association (JVCEA), the official self-regulatory organization for the local crypto industry, has announced that three more companies have registered as members of the second class.
We are talking about the most comprehensive US cryptocurrency company Coinbase, as well as Digital Asset Markets and Tokyo Hash. Participants of the second class of the organization may later register as companies offering cryptocurrency exchanges or planning to apply for this activity.
Coinbase intended to obtain a license from the Japan Financial Services Agency (FSA) in 2019 but has not yet implemented these plans. The company, however, found other ways to expand its influence in the Japanese market, including cooperation with Bank of Tokyo-Mitsubishi UFJ.
New legislation in the field of regulation of cryptocurrencies in Japan was adopted last summer. Aimed at further protecting consumers and enhancing regulatory certainty, it includes tighter control over derivatives products and also defines measures to counteract the risks of hacking exchanges.
A new legal term for cryptocurrencies was also defined – now they are officially called crypto assets and not virtual currencies. These new rules will expectedly enter into a force in April 2020.