JVCEA Seeks Public Remarks To Revise Rules for New Virtual Currency Law

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.
  • The Japan Virtual Currency Exchange Association (JVCEA) invites public comments regarding the amendment and establishment of the Articles of Incorporation Regulations, Business Rules, and Self-Regulation Rules.
  • Applications for public opinion have been started accepting from yesterday until April 17, 2020, till 10:00 through email or mail.
  • JVCEA is seeking opinions for the issues which are very wide-ranging, includes margin and derivatives trading, money laundering and terrorist funding, and client property management.

Recognized by the Financial Services Agency, The Japan Virtual Currency Exchange Association (JVCEA) invites public comments regarding the amendment and establishment of the Articles of Incorporation Regulations, Business Rules, and Self-Regulation Rules.

In May last year, the bills for revising the Funds Settlement Act and the Financial Instruments and Exchange Act, which specified that the name of “virtual currency” was changed to “cryptographic assets,” were passed in Japan.

JVCEA is seeking opinions for the issues which are very broad

To answer the newly imposed law, JVCEA will revise and endorse the Articles of Incorporation.

JVCEA secures the equity of the decision-making process and increases transparency by issuing the draft proposal on the amendment, and elimination of the Articles of Incorporation and pleading opinions.

Applications for public opinion have been started accepting from yesterday until April 17, 2020, till 10:00 through email or mail.

In January 2020, the Financial Services Agency launched a policy to twice the maximum leverage of crypto margin trading. It was reported to be fixed by the Cabinet Office Ordinance of the Revised Financial Instruments and Exchange Act. This policy will commence this spring.

JVCEA is seeking opinions for the issues which are very wide-ranging, includes margin and derivatives trading, money laundering and terrorist funding, and client property management.

A total of 44 types of reference materials, including guide documents, are available about this issue.

The rules on cryptocurrency derived transactions have been enhanced due to a prejudiced revision of the Financial Instruments and Exchange Law, which is in the same way as the foreign exchange margin trades.

To carry on its main regulatory activities for derivative transactions, JVCEA is looking for applications from the Certified Financial Instruments and Exchange Association under the Financial Instruments and Exchange Act.

JVCEA overview

A Japan-based self-regulating organization for cryptocurrency. Formally known as Japanese Financial Services (FSA), it has the right to license and enforce policies and standards for crypto exchanges in Japan.

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