Japanese exchanges form a self-regulatory organization

A group of Japanese crypto-exchange exchanges are planning to create a self-regulating branch organization after the recent hacking of the Coincheck exchange.

Referring to unnamed sources, Reuters reports that 16 Japanese crypto-exchange exchanges are planning to unite to form a self-regulatory organization as early as next week. Their goal is to improve investor protection, especially after the recent cracking of the Coincheck exchange in Tokyo, which stole $ 530 million in NEM tokens.

The unnamed sources also said that the earlier planned merger of two industry organizations, the Japan Association of Crypto-Currency Trade and the Japan Blockbuster Association to form a self-regulatory organization, failed due to failed negotiations between the associations. The new self-regulating body will be registered with the Financial Services Agency fsa.