Aims And Goals Of Japan's New Self-Regulatory Cryptocurrency Exchange Association

The latter hack, which saw thieves make off with $530 mln in NEM, prompted Japanese regulators to step in and address security concerns at many of the exchanges in the country.

The idea behind this body is for it to set the standards and the expectations of those exchanges that currently are not registered and up to scratch with the FSA. This is because there are still currently a number of exchanges that are operating while still being unregistered.

As the crackdown continues, there have been some some exchanges that have decided to shut up shop than bend to the wants of the regulators and prove their security.

The FSA strongly urged cryptocurrency exchanges to establish a unified industry organization and voluntarily work out rules and regulations to create a sound trading environment for customers.

This led the the creation of the Japan cryptocurrency exchange association.

This exchange only offers Bitcoin trading and has a rather small market cap of $84,399,400, or 9,467 BTC. It was founded in 2014.Fisco Virtual Currency Exchange.

This exchange operates mainly with Bitcoin, accounting for 96 percent of volume, but it also allows trade in Mona coin, it's only other altcoin.

With regard to ICOs, the president explained that the authorities would be judging the coins involved, but the exchange operators will have to make notice when listing new coins, and that registration needs to be accepted by the regulatory body.

Eventually, Kano wants it to be so clear-cut that a third-party operator would make a call in a certain exchange's security.

By having an organization that is run by those involved in cryptocurrencies and that understand the needs of cryptocurrency exchanges, there is room for rules to flourish which do not stifle innovation and growth.