Two cryptocurrency industries in Japan are aiming to form a self-regulating body.
By April, the Japan Blockchain Association and the Japan Cryptocurrency Business Association could unite.
To overcome the theft of $530 million of digital money, it aims to better safeguard the investors.
Two cryptocurrency industry groups are forming a self-regulating body
According to sources, the Japan Blockchain Association and the Japan Cryptocurrency Business Association are expecting merge by April. However, these two-cryptocurrency industry groups are aiming to form a self-regulating body. Further, the source conferences said, to over the theft of $530 million of digital money and to seek for better safeguard investors.
Also, the source reports that the two united firms may hire the heads of existing associations as chairman and vice chairman. But, they are declined to be identified and not allowed to speak to media.
Previous month, the Tokyo-based cryptocurrency exchange, Coincheck Inc has come across one of the biggest theft of cryptocurrency. The hacker stole around $530 million.
Furthermore, the Coincheck loss discovered many flaws in Japan’s industry. Thus, its raised question all over the country’s dash to regulate the system. Therefore, an exact distinction to crackdowns by South Korea and China