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Self Regulation takes form in Japan’s cryptocurrency industry

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Following the lead of CryptoUK, Japan is set to see a self-regulating cryptocurrency body of its own. In the aftermath of the $530 million heist from CoinCheck, two cryptocurrency groups are in talks to merge and form a self-regulating body to avoid a repeat of the same, sources involved in the discussions said.

The merger of Japan Blockchain Association and Japan Cryptocurrency Business Associatin can be expected as early as April this year, revealed sources.

The merged entity would be headed by the heads of the two existing associations as chairman and vice-chairman, said sources, declining to be identified as they were not authorised to reveal this information.

Cursory checks with the two organisations has borne no new information. The Japan Cryptocurrency Business Association issued a statement wherein they said that nothing has been decided. Whereas, Japan Blockchain Association representatives could not be reached for a comment at the moment.

The $530 million theft from the exchange, Coincheck Inc by hackers last month exposed flaws and loopholes in the country’s frenzy to regulate the industry. This was one of the biggest-ever heists of digital currency.

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