Japan’s cryptocurrency industry to launch self-regulating body

Two of Japan’s cryptocurrency industry groups are planning to merge to form a self-regulating body, seeking to safeguard investors after last month’s $530 million heists of digital money, sources involved in the negotiations said.The Japan Blockchain Association and the Japan Cryptocurrency Business Association are expected to merge in April.

The merged organization will appoint the former heads of the two actual associations as chairman and vice chairman, said the sources, who rejected to be identified because they were not authorized to speak to the media.

The Japan Cryptocurrency Business Association said in a statement that nothing has yet been decided. Representatives for the Japan Blockchain Association could not be immediately reached for comments on the information.

Last month, hackers stole about $530 million from Tokyo-based cryptocurrency exchange Coincheck Inc, in one of the biggest-ever heists of digital currency.

The Coincheck heist exposed flaws in Japan’s system and raised questions over the country’s need to regulate the industry — which is a sharp contrast to clampdowns by countries like South Korea and China.

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