According to the resource Nikkei, sixteen of the cryptocurrency exchanges of Japan have formed a new self-regulatory organization. In the framework of this initiative a group of licensed cryptocurrency exchanges will work on the implementation of the Agency’s financial services authority (FSA) standards to improve the security of cryptosystem Japan. Also, the group will work on developing standards to conduct primary offerings of coins.

The new organization, whose name has not yet sounded, was created thanks to agreement of the two trade groups — the cryptocurrency of the Japanese business Association (JCBA) and Japanese blockchain Association (JBA).

Theisen Okuyama (Taizen Okuyama), Chairman of the JCBA appointed by the head of the new organization, told reporters that her aim is “to give the whole cryptocurrency sector to move to self-regulation.”

Vice-President of the organization, Yuzo Kano (Yuzo Kano), who concurrently is the head of the JBA, said that the industry needs to establish security standards.

It is worth noting that the idea of creating the organization was launched as a way of strengthening public confidence after the break, which resulted in the theft of NEM tokens worth $ 500 million with a Japanese kryptomere — Coincheck.

Recall that the theft occurred in late January of this year. The representatives of the NEM stated that the hacking was the result of the negligence of the exchange and not connected with the technological features of NEM blockchain. In addition Coincheck has not yet been approved by the financial regulator because of security issues about which the FSA has warned the stock exchange before the robbery.