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Cryptocurrencies

Japan's cryptocurrency industry drafts self-policing rules

Proposed bans include insider trading and highly anonymous currencies

The Japan Virtual Currency Exchange Association has drafted nearly 100 pages of new rules for the cryptocurrency industry.   © Reuters

TOKYO -- In an effort to step up consumer protections and improve transparency, Japan's cryptocurrency industry has drafted new regulations that prohibit insider trading and the trading of new currencies that cannot be traced easily.

The Japan Virtual Currency Exchange Association, created in March, will vote on the proposal at a meeting on June 27. It seeks to adopt the rules as soon as it is recognized as a self-regulatory body by the Financial Services Agency, a financial watchdog.

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