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Japan Crypto Regulatory Body VPs Quit After Receiving New JSA Orders

businessmen handing in resignation letter

Last week we reported on Japan’s self-regulatory body the Japan Virtual Currency Exchange Association (JVCEA) issuing new guidelines on banning privacy coins and insider trading. The body was recently put together to help control the cryptocurrency industry follow the massive Coincheck hack earlier this year.

Soon after the news, Japan’s Financial Services Agency (FSA) handed improvement orders to the country’s six largest cryptocurrency exchanges. The new orders included implementing strict measures to monitor and control anti-money laundering (AML) and know-your-customer (KYC) regulations, amongst a number of other stipulations.

Two of the exchanges receiving orders were bitFlyer and Bitbank, whose CEO’s Yuzo Kano and Noriyuki Hiroyuki respectively serve as the vice-presidents of the JVCEA. Now it would appear the two CEO’s have stepped down from their posts with the organization in light of the FSA’s orders.

The JVCEA has not let the news affect their organization and promise to continue on their mission to help regulate the cryptocurrency industry in the country. As of yet, it has not been confirmed who will replace the two vice-presidents.

Image From Shutterstock

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