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.