Japan’s crypto selfregulatory system reportedly falling apart

In 2018, Japan established the Japan Virtual Currency Exchange Association (JVCEA) and tasked the body with self-regulating the crypto industry. The government hoped that the industry body would be able to come up with dynamic policies for the industry and gave the body the power to penalize exchanges. The regulator also highlighted a lack of communication between JVCEA directors, its secretariat and member operators, resulting in poor management of the industry body, the FT report said.