A self-regulatory entity is set to be formed by the Japanese cryptocurrency industry with the merging of the Japan Blockchain Association and the Japan Cryptocurrency Business Association.
Set to be launched on April 1, the new body will be tasked to enforce self-imposed rules for the protection of exchange users’ assets, system downtimes, insider trading and advertising. Penalties for breaches are also likely to be considered.
It is said that the Coincheck hack served as a major push for the creation of the regulatory entity. Bitflyer CEO Yuzo Kano is expected to serve as the vice-chairman at launch.