Japan Virtual Currency Exchange Association (JVCEA)

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Japan Virtual Currency Exchange Association (JVCEA)
Founded 2018
Headquarters Tokyo, Japan
Key People Tateyasu Okuyama, president
Employees Approx. 16
Website JVCEA Website (Japanese Language)

The Japanese Virtual Currency Exchange Association (JVCEA) is a self-regulation entity for the Japanese cryptocurrency industry. It is formally recognized by the Japanese Financial Services Agency (FSA) and has the authority to pass and enforce regulations and standards for cryptocurrency exchanges in Japan, following an international roundtable discussion hosted by the FSA that included representatives from crypto-based businesses and regulatory bodies from over 15 countries.[1][2]

Background

The JVCEA was established in April 2018 in response to a hacking attack in January that caused more than $534 million worth of NEM digital tokens were stolen from the Japan-based cryptocurrency exchange Coincheck. Initially, the focus of its operations was inspecting the security of exchanges in Japan. In August, the Japanese exchange Zaif was hacked, causing $59.7 million worth of digital assets to be lost. In response, the JVCEA announced that it would begin enforcing stricter regulations for "hot wallets." It became an officially-recognized regulatory body on October 24th.[3]

References