Japan’s Cryptocurrency Industry is Launching a Self-Regulatory Body

Japan’s two primary cryptocurrency industry groups are merging to form a new self-regulatory entity following the recent $530 million hack of Tokyo-based exchange Coincheck. The unnamed new entity is set to launch April 1, the Nikkei reports, a year to the day after Japan’s revised Payment Services Act – which recognizes bitcoin as a legal method of payment – kicked in. The self-regulatory body will see the unification of the Japan Blockchain Association and the Japan Cryptocurrency Business Association. The former is notably founded around bitFlyer, Japan’s largest cryptocurrency exchange. The new entity aims to quickly enforce self-imposed rules surrounding the protection of exchange users’ assets, system downtimes, insider trading and even advertising. Additionally, penalties for breaches will also be considered. All of which sums up to a transparent foray to foster confidence from the public and the conventional financial industry in the cryptocurrency space, particularly in the aftermath of a major hack.

Reference: https://www.ccn.com/japans-cryptocurrency-industry-is-launching-a-self-regulatory-body/

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