The Japan Virtual Currency Exchange Association welcomed five more crypto exchanges according to an official announcement from the association that reached our blockchain news today.
The virtual currency exchange association is a regulatory body that was self-formed back in April 2018 by 16 registered crypto exchanges that wanted to create standards for all the industry investors. The financial regulator of Japan granted a self-regulatory status to the Japanese virtual currency association in October and will help in overseeing the entire crypto sector.
The self-regulatory body was formed after in January 2018 one of the biggest hack attacks in crypto history happened to the crypto exchange Coincheck where about $534 million were wiped out off the exchange. The JVCEA released regulatory guidelines in June where they also proposed the ban on insider trading and the prohibition against trading of coins that are privacy-oriented.
The new addition of the JVCEA are Lastroots Inc., Coincheck, LVC Corporation, Coinage Corporation, and Everyone’s Bitcoin.
All of the five companies belong to the Type 2 members classification which is a classification meaning that the businesses are in the process of applying for trader registration as virtual traders. The JVCEA will currently recruit Type 2 members but will also allow for companies to handle virtual currency services very soon.
As mentioned, Coincheck is now a member of the association and the exchange even announced that it is considering providing a margin trading limit. The exchange also got approval for a crypto exchange operating license however its new operator Monex did not confirm the announcement.
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"If there are no Mexican-based exchanges, Mexicans will inevitably use exchanges based in other jurisdictions. Some of these foreign exchanges may be sensibly regulated by more forward-looking governments, but others may be rogue operations that deliberately evade any regulatory jurisdiction,""The average person has no idea how a car works, and yet people are allowed to drive them," the statement said. Bexico's proposals are subject to a 60-day consultation period during which a lot of things may change. Right now, industry officials and public members should outline their opinions on the case.
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“It is in my opinion that Bitcoin to date has no solid ground on which to base a serious product such as an ETF on. It is volatile, manipulated by the very few and has no real use case.” “I can see a lot of people getting hurt both financially and in other ways by you accepting this proposal. It is in my humble opinion that this proposal be rejected.”Another commenter named D. Darnwell sent a letter in which he wrote:
“I would like to voice my disapproval of this Bitcoin ETP and would ask the SEC to take a much longer time horizon to take a ‘watch and wait approach’ to see if Bitcoin is worthy of becoming a financial product with all the positives and draw-downs it entails.” “Decline this ETP without hesitation.”However, one Bitcoin ETF proponent named Sami Santos was confident, stating:
“Regarding the argument of the SEC that has not yet approved an ETF because of manipulation and mainly appreciates the protection of investors is contradictory, because without an investment fund, the investor is susceptible to buy bitcoins in deregulated exchanges and lose their investments (bitcoins). VanEck already offers insurance to cover possible losses and as such, the investor will show interest in investing in an ETF fund. So I see no reason not to approve VanEck ETF and Bitwise.”To remind you, the September (2018) Bitcoin ETF application for VanEck SolidX Bitcoin Trust received more than 1,400 comment letters - of which 99% were positive. However, because of the crypto winter, this enthusiasm has dwindled. Currently, no one knows if this Bitcoin ETF will be withdrawn. If that's the case, the 240-day deadline clock will reset itself and be set once a new filing is submitted.
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