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Japan Regulators Grant Crypto Industry Self-regulatory Powers

Monday, Jan 07 2019
Cryptocurrency
Written by  FinTech Brief Staff

Japan’s Financial Services Agency has given the country's crypto industry the power to regulate itself. So reports the MIT Technology Review.

The Japan Virtual Currency Exchange Association, made up of representatives from the nation's exchanges, will have the power to create consumer protection and standardization policies. Two high-profile hacks hit Japan in recent years, highlighting the need to keep tabs on the evolving industry. Brian Quintenz, a commissioner for the U.S. Commodity Futures Trading Commission, suggested the U.S. should also consider the merits of self-regulation.

Read the full article from the MIT Technology Review.

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