The two Japanese groups of the cryptocurrency industry will merge to to form a legally authorized self-regulatory body following discussions held on Thursday. 15.
The Japan Blockchain Association (JBA) and the Japan Cryptocurrency Business Association (JCBA) are expected to become a singular entity from April 1, suggest traditional media
. Only one body made legal decisions, part of the requirements that were adopted a year ago in April 2017, when Japan launched a cryptocurrency exchange license.
Commenting on these developments, Yuzo Kano, executive director of JBA, pointed out that between the two groups, the merger was not yet finalized, contrary to what was said in the Nikkei and elsewhere.
“The Association is truly consulting with the JCBA for the protection of customers and the development of the industry, and it is also true that there are progress, but it is not yet a concrete fact “ 2 文 2) 1945 協会 は
(19459003) – caicaïkiki, ca ロ ク ェ ー ー 局長 局長 局長 (@caicaikiki) February 16th 2018
A press release from the JBA also reiterated no delay for
The formalization of the industry represents a further step allowing the cryptocurrency to regulate in Japan, to decide its own parameters and become a real economic zone.
Once formed, the umbrella organization will be able to create rules and regulations for its members, including penalties for having violates newly approved regulations.
Earlier this week, Cointelegraph reported that the South Korean government was also actively considering its national businesses.