Japanese financial watchdog approves self-regulation for crypto industry

The Financial Services Agency (FSA), Japan's financial watchdog, formally approved the Japan Virtual Currency Exchange Association (JVCEA), an organisation comprised of all 16 domestic cryptocurrency exchanges, to self-regulate and police domestic cryptocurrency exchanges. JVCEA can now create guidelines, enact strict measures, and implement security standards that other domestic cryptocurrency exchanges must follow. The self-regulation becomes effective on Oct. 24, with core rules and guidelines already published on JVCEA's website. (Source: CCN)