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   1199

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.

DEAPCOIN IEO to be Held at OKEx on 8.04

The project is planning to raise $2M a the price of 1 DEP on IEO will be $ 0.0025
25 March 2020   1052

OKEx Exchange announced Wednesday the 11th initial exchange offering (IEO). It will be conducted by the DEAPCOIN Project (DEP) and will be held on April 8th.

As in previous OKEx campaigns, the selection of participants and the selection of the allocation coefficient will be carried out according to two criteria: the average daily balance of OKB and the trading volume on the exchange. For each of the groups, allocation of 400 million DEP tokens is allocated.

The price of 1 DEP on IEO will be $ 0.0025. Thus, the project intends to attract up to $ 2 million from OKEx users. Trading in USDT and USDK pairs will start on the same day.

The DEP token was released by DEAPCOIN to shape the economy around the PlayMining entertainment platform they are developing, where users can earn cryptocurrency during games. DEP is presented as an ERC-20 standard token, while game items on the blockchain will use the ERC-721 standard.

Despite the generally negative dynamics of the IEO space recently, the token of the previous placement of the OKEx platform - HyperDAO - that passed at the end of February is currently trading almost 3 times higher than the initial selling price.