According to today's financial media news from Japan, the Japanese Financial Services Agency (FSA) has given the local crypto industry a "self-regulatory" status, leaving supervision over the space of the Japanese Association for Virtual Currency Exchange (JVCEA).
The FSA expects the self-regulatory body to lay down rules for the protection of clients' assets, develop anti-money laundering (AML) rules and provide working guidelines for cryptographic exchanges. An anonymous FSA official quoted by Reuters says that JVCEA experts can better manage regulations than a government body: "It is a very fast-growing industry. It is better than the experts set the rules in a timely manner than the bureaucrats do " - argued.
Self-regulation comes into force immediately, starting today - the main principles and guidelines are already published on the JVCEA website. The regulatory body currently has 15 employees, but according to financial media from Japan, this number is expected to increase to 20 people by November.
JVCEA was founded in April 2018 and consists of 16 companies that have registered as cryptocurrency exchanges. The formation of the group took place after the January burglary during which 534 million dollars from the Coincheck cryptocurrency exchange in Japan were stolen. The Association's responsibilities include security control of cryptographic exchanges in the country, as well as other specific tasks, such as assessing tokens issued as part of initial monetary offers (ICO).
Let's now take a look at the Bitcoin technical picture at the H4 time frame. The market is still trading inside of the consolidation zone, but the bearish pressure is starting to grow slowly. The price has tested the technical support again this night, but so far bounced from the level of $6,322. Any violation of this level will immediately open the road towards the level of $6,310 and $6,287. Below those two supports, there is only one more important support at the level of $6,110, so the breakout lower might have important repercussions. Please notice the volatility is limited for now, but the outburst can occur any time now.
