By Mason Mohon | @mohonofficial
Japan has shown to be a light in the darkness for cryptocurrency. As countries across the world regulated and the price of many crypto assets plunged downward, the Japenese government proved itself to be a friend of the technological ecosystem.
Recently, 16 crypto exchanges filed with the Japanese Financial Services Agency so as to create a new cryptocurrency organization according to Bitcoin.com.
This new organization aims to create a self-regulating environment. The Japan Virtual Currency Exchange Association will focus on self-regulating and will have the authority to investigate and sanction members that fail to comply with the self-regulatory methods.
The member organizations are Bitflyer, Money Partners, Bitbank, Bitpoint, Quoine, SBI Virtual Currencies, Fisco Virtual Currency, Btcbox, Zaif, GMO Coin, Bittrade, Tokyo Bitcoin Exchange (DMM Bitcoin), Bitarg Exchange Tokyo, FTT Corporation, Xtheta Corporation, and Bitocean.
Hopefully, this new organization will serve as proof that government is not the only solution to regulatory problems. Private institutions can organize to serve both themselves and the consumers.