A group of Japanese cryptocurrency exchanges have formally submitted a detailed proposal to form a self-regulatory organization to the nation’s Financial Services Agency (FSA), Asia Times reports.

The Japan Virtual Currency Exchange Association (JVCEA) was formed by 16 exchanges in March 2018 and was officailly registered by FSA in April. JVCEA has applied to become a “certified fund settlement business association,” the Asia Times reported Monday. It allows the organization to set the rules for local cryptocurrency industry as well as work out stricter industry standards.

A working draft was finished in June and consists of nearly 100-pages of the proposed rules and would require cryptocurrency exchanges to regularly conduct audits, as well as prohibit certain anonymous cryptocurrencies from being traded such as monero or dash, Nikkei Asia reported last month. Earlier, ForkLog reported that such anonymity focused cryptocurrencies as Monero, Zcash and Dash are also on the list.

It should be reminded that in July, Japan’s Financial Services Agency itself was considering crackdown on the cryptocurrency industry by more closely inspecting the activity of licensed cryptocurrency exchange operations, issuing “business improvement orders” aimed at enhancing internal-auditing and user-protection systems.