Backpack becomes first member of Japan Virtual Currency Exchange Association (JVCEA) in two years

PANews reported on December 10 that according to CoinPost, the cryptocurrency exchange Backpack has officially registered as a Class II member of the Japan Virtual Currency and Crypto Asset Exchange Association (JVCEA), which marks that Backpack is one step closer to becoming a Japanese virtual currency trading service provider.

Since Binance Japan became a member of JVCEA in October 2022, no new members have joined the association in two years. Japan is one of the first countries in the world to develop a comprehensive regulatory framework for cryptocurrency exchanges. As a self-regulatory organization under the Japanese regulatory framework, JVCEA has put forward strict requirements in key areas such as customer protection, anti-money laundering, and operational security.