2 Japanese Exchange Execs Left JVCEA After FSA Actions

As reported, two vps of the Japan Virtual Currency Exchange Association have left the organization
26 June 2018   505

The CEO of the Japanese currency exchange bitFlyer, Yuzo Kano, and the Bitbank CEO, Noriyuki Hiroyuki, left the posts of the chairmen of the Japan Virtual Currency Exchange Association (JVCEA). This is reported by ETHNews.

According to the Association's official website, earlier both exchanges received instructions from the Financial Services Agency (FSA) on improving anti-money laundering practices.

[Organization] will continue to do [its] utmost to protect the interests of users and to promote the sound development of the virtual currency exchange industry, including the early establishment of voluntary regulation rules.

Japan Virtual Currency Exchange Association

It is noted that despite the resignation of Kano and Hiroyuki, both exchanges remain members of the Association.

The names of the contenders for the posts of the new JVCEA chairmen are not yet named.

Earlier in June, the Japanese currency exchange bitFlyer temporarily suspended registration of new users because of FSA requirements on mandatory verification of customers.

Gemini & Partners to Launch Virtual Commodity Association

Association is created to develop standards for the industry, promote transparency in the market and cooperate with regulators, including the CFTC
20 August 2018   525

Several major exchanges decided to create a new structure designed to eradicate manipulation in the digital assets market, Bloomberg reports.

The Virtual Commodity Association was formed by the founders of the exchange Gemini Cameron and Tyler Winklewoss. According to a statement released on Monday, the group also included Bitstamp, BitFlyer USA and Bittrex. Representatives of four trading platforms will meet in September to consolidate the provisions for the future functioning of the organization.

The Virtual Goods Association will develop standards for the industry, promote transparency in the market and cooperate with regulators, including the Commodity Futures Trading Commission of the United States (CFTC), in order to prevent manipulation of Bitcoin, Ethereum and other currencies.

As the temporary executive director of the organization, Maria Filipakis, who worked in the Financial Services Department of New York, was appointed, where she took part in the creation of a BitLicense.

Earlier, the Winklewoss brothers tried to launch their own ETF, tied to bitcoin, but the US Securities and Exchange Commission denied them twice, as the reasons for its decision, among other things, calling for the absence of adequate measures to prevent cryptocurrency market manipulations.