Japan’s two cryptocurrency industry groups the Japan Blockchain Association and the Japan Cryptocurrency Business Association are planning to merge to form a self-regulating body, seeking to better safeguard investors after last month’s $530 million heist of cryptocurrency. This is reported by Reuters.
The new organization may appoint the heads of the two existing associations as chairman and vice chairman. The Japan Cryptocurrency Business Association said in a statement that nothing has been decided.
The Coincheck heist exposed flaws in Japan’s system and raised questions over the country’s dash to regulate the industry - a sharp contrast to clampdowns by countries like South Korea and China.
We have recently reported that the UK’s leading cryptocurrency companies have joined together to launch a self-regulatory trade body called CryptoUK to improve industry standards and engage policymakers on the future of the sector.