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Japan’s crypto self-regulatory system reportedly falling apart

In 2018, Japan established the Japan Virtual Currency Exchange Association (JVCEA) and tasked the body with self-regulating the crypto industry.
The government hoped that the industry body would be able to come up with dynamic policies for the industry and gave the body the power to penalize exchanges.
But there are problems with crypto awareness at the JVCEA office as well, the FT report said.
The JVCEA has been trying to speed up its screening process since earlier this year.
Subsequently, a Bloomberg report asserted that the JVCEA was in talks to drop the screening process altogether.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by TokenAround.

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