Japanese Crypto Companies to Form a Self-Regulatory Body

February 16, 2018

Two Japanese cryptocurrency associations plan to merge into a self-regulatory organization in order to provide investors with better security, say sources participating in the negotiations. In this way these organizations react to the hack of a Japanese cryptocurrency exchange Coincheck, which suffered from the biggest theft in the cryptocurrency history to the approximate sum of $530 million. 

Sources say that The Japan Blockchain Association and Japan Cryptocurrency Business Association intend to merge in April this year. It is planned that the heads of these organizations will takes posts of the president and vice-president in the self-regulatory organization.  

A Japanese cryptocurrency exchange Coincheck was hacked in late January this year. This hack was followed by an announcement made by Japanese authorities that they will conduct a security inspection of all local cryptocurrency exchanges. 

It is also worthy to note, that the merging of cryptocurrency organizations into a single regulatory body by Japanese organizations is not a unique practice. A few days ago several British cryptocurrency companies has formed a self-regulatory body called CryptoUK in order to "to promote best practice and to work with government and regulators."

 

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