The Japanese Virtual Currency Exchange Association (JVCEA) has received permission from the Japanese Financial Services Agency (FSA) to police and sanction virtual exchanges for any misconduct or violation. In this way, the JVCEA is permitted to make rules on safeguarding assets, preventing possible money laundering, setting rules on identification and others.JVCEA is known for policies through tougher than existing financial regulatory frameworks.
The FSA granted 16 permissions for the virtual currency exchanges in Japan, but not the single permision in 2018. Read FSA’s statement here. (Japanese)
The digital currencies story is a continuation of the long-running saga of economics, markets, and commodity exchange in human society. With the constant rise of the global network, we have witnessed many global services becoming widely accepted and in a way changing (by adding to) our experience of mutual interaction.