The cryptocurrency scene is evolving too quickly for policymakers to keep up - well thats the rationale behind a move by Japan to officially let thee industry create and enforce its own rules. If the approach works, it is likely that other not-do-forward-in-the-crypto-world nations will also test it. Apparently "
Japans Financial Services Agency has granted the Japan Virtual Currency Exchange Association, a self-regulatory organization made up of representatives from cryptocurrency exchanges, authority to create rules aimed at protecting consumers, preventing money laundering, and standardizing how exchanges should operate. The agency also gets the power to sanction exchanges for breaking those rules, reports Reuters." Opinions on this? Will it be successful or fail miserably, or something in between? Will others follow soon?
I found information regarding this in a Technology Review article :
https://www.technologyreview.com/the-download/612347/japan-just-gave-its-cryptocurrency-industry-legal-power-to-police-itself/Well done! That's a great work done by Japan. It will be successful and very soon Japan will set an example for others to take up some major and perfect step like this.