A group of Japanese cryptocurrency exchanges plans to create a self-regulatory industry organization after the recent hacking of the exchange Coincheck.
Citing unnamed sources, Reuters
reports that 16 Japanese cryptocurrency exchanges plan to unite for the formation of a self-regulatory organization as soon as next week. Their goal is to improve the protection of investors, especially after the recent hacking
Coincheck exchange in Tokyo, which was stolen by 530 million dollars in tokens NEM.
Unnamed sources also said that the previously planned merger of the two industry associations, the Japanese Association for trade cryptocurrency and blockchain Association of Japan to form a self-regulatory organization, failed due to unsuccessful negotiations between associations. New self-regulatory body is registered with the financial services Agency (FSA).
Although additional information on the issue yet, it is assumed that 16 exchanges seeking to establish self-regulation — those exchanges which currently have a license the FSA. In September of last year the FSA has granted licenses to 11 cryptocurrency exchange, which since then, according to the latest reports, increased to 16.
A week ago we reported about the initiative of seven companies, aimed at the establishment of a similar organization in the UK.