Japanese Exchanges to Form Self-Regulatory Organization

The Japan Virtual Currency Exchanges Association (JVCEA) was formed by 16 crypto exchanges in March
07 August 2018   155

A group of Japanese exchanges has formally applied to the Financial Services Agency (FSA) with a proposal to form a self-regulatory organization, CoinDesk reports.

The Japan Virtual Currency Exchanges Association (JVCEA) was formed by 16 crypto exchanges in March and registered with the FSA in April. Now it intends to obtain the status of a "certified business association in the field of financial accounting". This will allow JVCEA to establish self-regulation rules for the local cryptocurrency industry and develop more stringent standards.

The working version of the statement includes about 100 pages with proposals for regular audits, a ban on trading certain anonymous cryptocurrencies such as Monero and Dash, and others.

Even before that, JVCEA announced that it wants to set limits on the amount of borrowed capital for margin trading in crypto-currencies, thus preventing traders from taking their leverage, which is more than 4 times larger than their own deposit.

These measures are aimed at preventing incidents similar to what happened on the Coincheck exchange, with which more than $ 500 million was stolen in January of this year in the crypto currency.

The group's activities are consistent with the policy of the financial regulator FSA, which after the incident at Coincheck began to closely monitor the activity on local exchanges of cryptocurrencies and issued several resolutions requiring the improvement of certain aspects of their business.

Zb.com to Open Office at Malta

Country made another step froward to leadership in blockchain industry
16 August 2018   119

Fifth in terms of the daily trading volumee exchange ZB.com announced plans to open a representative office in Malta. This is reported by CCN.

Secretary of the Malta Parliament for Digital Innovation and Finance Silvio Schembri said that the opening of ZB.com will be another step in the country's leadership in the blockchain industry.

At first, the Maltese branch of ZB.com will offer customers only cryptocurrency exchange, and subsequently also plans to add support for the currency. ZB.com will be the third exchange in Malta, following the offices of Binance and Bitbay, which offers the exchange of digital currencies for fiat money.

Malta is perhaps the world’s most progressive and forward-thinking nation in DLT, crypto and fintech, and we are very excited to be part of the Blockchain Island. We are confident we will be able to announce our live operations soon.

Jimmy Zhao

Co-founder, ZB.com

Zhao said that he was invited to Malta by his business partners and met with government officials to discuss the possibility of opening a representative office.

According to CoinMarketCap, the volume of deals on ZB.com for the last 24 hours was areoud $ 267M. The most popular trading pairs on the platform are BTC / USDT, Dash / USDT, Qtum / USDT and ETH / USDT.