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Crypto Exchange Coincheck Hack: Trigger Point For Japan’s JVCEA Launch

In the aftermath of January’s infamous crypto exchange Coincheck hack, the Japan Virtual Currency Exchange Association (JVCEA) was launched. The association was launched after a group of domestic licensed crypto exchange operators got together to adhere to self-imposed rules in order to foster a healthy trading environment.

In no particular order, the 16 cryptocurrency exchanges that launched JVCEA in April include: Money Partners, GMO Coin, Bit Trade, BTC Box, BitPoint Japan, QUOINE, bitFlyer, Bit Bank, SBI Virtual Currency, DMM Bitcoin, Bitgate, BITOCEAN, Fiscalo Currency Exchange, Xtheta, Bit Argo Exchange Tokyo, and Tech BURO.

Crypto exchange Coincheck suffered an industry record-breaking hack in January when $534 million worth of NEM was stolen from its wallets. Taizen Okuyama, chairman of the JVCEA had said that the association intended to work hard towards developing internal control and security measures. He further added that JVCEA would also promptly promote the rules of transactions and advertisements. Okuyama stated that the association intends to eliminate the concerns of customers and work towards restoring confidence in order to develop healthy markets.

The JVCEA is also providing guidance to a lot of crypto exchanges that seek registration but continue to operate sans a license from the Financial Services Agency (FSA). The association is a unification of the country’s two major cryptocurrency trade bodies, the Japan Blockchain Association (JBA) and the Japan Cryptocurrency Business Association (JCBA) under a single roof, as reported on CCN.

In October, the FSA formally approved and accredited JVCEA as a certified fund settlement business association. By gaining the said status, the association will be able to set rules for the nation’s exchanges and take due action in case of any violations, as reported on CoinDesk.

Crypto exchange Coincheck recently announced that it has resumed NEM (XEM) crypto token trading after the exchange’s platform was restructured by external security experts. This latest development at Coincheck’s end also reveals that the exchange has joined the Japan Security Association. In other words, the exchange is all set to renovate its tarnished image. Apart from NEM trades, Coincheck has also extended its support for Lisk (LSK) and Ethereum (ETH), as reported on Cointelegraph.

[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]
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Jesmine Rahman holds 15+ years of professional writing experience of working with reputed Indian dailies like the Times of India and the Indian Express. She also holds a rich experience of working as a Senior Technical Content Specialist with a reputed IT company. for 10 years. She writes crypto news on OWLT Market.

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