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   377

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.

Bakkt Launch Date Unveiled

Previously announced GBP / BTC and EUR / BTC pairs were not mentioned in the official message
23 October 2018   53

The parent company of the New York Stock Exchange (NYSE) Intercontinental Exchange (ICE) has confirmed that the launch of the Bakkt cryptocurrency platform will take place on December 12, 2018.

The first product of Bakkt will be Bitcoin futures contracts with a physical asset supply.

The official statement says that the bitcoins that will be used to secure contracts will be stored in the ICE digital asset repository. Contracts will be cleared through the division of the ICE Clear US exchange.

Each futures contract calls for delivery of one bitcoin held in the Bakkt Digital Asset Warehouse, and will trade in U.S. dollar terms. One daily contract will be listed for trading each Exchange Business Day. 
 

ICE Statement

Previously announced GBP / BTC and EUR / BTC pairs were not mentioned in the message.

The plans to launch the Bakkt platform, which will allow users and institutional investors to buy, sell and store digital assets in the global ecosystem, were announced in August of this year. The project partners are Microsoft, Starbucks and BCG.

Earlier in October, it became known that the position of Bakkt’s operating director was taken by ex-Coinbase manager Adam White.