The 16 licensed exchanges that are registered and licensed by country’s financial regulator FSA created the ‘Japanese Cryptocurrency Exchange Association’ (JCEA). As well as developing standards for the wider industry, the organisation will create and establish guidelines for initial coin offerings (ICOs) in Japan. JCEA will work to develop rules for customer protection and internal controls while seeking compliance from member companies and will also consider imposing penalties for activities that undermine public confidence and trust in the industry.