TOKYO (Jiji Press) — A cryptocurrency industry group plans to create a self-imposed rule that exchange operators set ceilings on trading by customers, informed sources told Jiji Press on Friday.
The Japan Virtual Currency Exchange Association will shortly take a decision on the matter, the sources said. It will then file for Financial Services Agency approval to be recognized as a self-regulatory body under the payment services law, they said.
The planned rule is aimed at preventing cryptocurrency traders with relatively small assets from suffering heavy losses and facing difficulties living a daily life, according to the sources.
The industry group plans to allow exchange operators to choose from the two options of imposing a blanket ceiling that is low enough for the safety of customers with small assets and of setting different limits for different customers based on their age, assets, investment experience and income levels.