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[Exclusive] Japan Virtual Currency Exchange Association Power Restrucutures

Abstract : Coincheck CEO was appointed as the board of directors at the Japan Virtual Currency Exchange Association. The delegation of authority by the Japan Financial Services Agency may be too early.

ChainDD
ChainDD

Jun 26

Recently, the Japan Financial Services Agency (FSA) has gradually delegated its power. FSA will no longer organize regular seminars, regulation responsibilities will be pass on to the Japan Virtual Currency Exchange Association (JVCEA).

On June 24th, the Japan Virtual Currency Exchange Association released the results of the annual director change. The Coincheck exchange where the money was stolen last year finally turned over, and its CEO, Toshihito Katsuya, was promoted to the director of the Japanese Currency Exchange Association. For the most famous stolen money incident in the world, please refer to the article published in https://www.chaindd.com before: [Exclusive] Overview of Coincheck money stolen incident: ending with winning three times and promoting the five major butterfly effects.

Since then, the Coincheck Exchange has been under investigation by the Japan Financial Services Agency and has been suppressed since the end of January last year to January this year. Then Coincheck was offered by the olive branch from Monex Group and with this big tree, Coincheck finally resurrected. In January, Coincheck got the exchange license issued by the Japan Financial Services Agency and became one of the groups in the first echelon. After Toshihito Katsuya was elected for the director of Japanese Currency Exchange Association, Coincheck developed even better.

According to the previous data of the official website of the Japan Digital Currency Trading Association, there are four directors who are members of the exchange in the association. Now Coincheck and experts in the industry are added into this association.

As a former industry leader, Coincheck does have the potential to lead the Japanese currency trading market. Also, the smooth recover and development of Coincheck marks a heavy punch after the Japanese digital currency trading market has suffered from the situation of no leader for a long time.

Although the main content of the hot and cold wallet management was ruled just several days ago, the association has now announced another new rule of the members, which includes key points of member customer property isolation management.

In addition, the savings described in Article 20 of the Cabinet Office and the trusts described in Article 21 of the Cabinet Office are managed within the scope of this inspection, and are classified into 3 and 4.

After the change in the market, the Financial Affairs Agency fully decentralized. In March, Japanese digital currency practitioners held a press conference to announce the establishment of a new self-governing group, JVCEA, with Taizen Okuyama, director of MONEY PARTNERS GROUP being the president and Yuzo Kano, representative director of the Japan Blockchain Association (JBA) and vice director of BitFlyer, being the vice president. However, after the bitFlyer was reorganized by the Financial Affairs Office, Yuzo Kano was resigned and became a member of the Association.

Regardless of the actual transaction volume, in terms of the association's corporate power those who are in the first echelon are undoubtedly the six licensed exchanges with membership positions in the first level members. The second echelon includes the remaining 13 licensed exchanges (Zaif has been acquired by Fisco) in the first level members, and the third echelon includes 8 second level members.

After actively strengthening the internal forces of the autonomous association, the Japan Financial Services Agency began to hand over power to association. Since the beginning of this year, there have been no seminars organized for the currency trading industry. Last year, just after the association was established, a seminar was held almost every month. In March of 2018, a total of 11 seminars were held. This year, no seminar was held, and all digital currency trading business was handed over to the association, including the re-election of this director.

According to relevant think tank data, among the major exchanges in Japan, exchanges whose trade volume rank among the top include QUOINE, bitFlyer, Bitbank and Coinchecke, etc. Among these exchanges, except bitFlyer and Coincheck, the others can’t compete with the Japan Virtual Currency Exchange Association. Currently, the Financial Department hand over the power to the autonomous association, and under the background of the ever-changing blockchain technology, new markets, contradictions and problems have immerged. Thus, it seems unwise to fully rely on the self-regulatory power of the industry.

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