Sixteen of the cryptocurrency exchanges of Japan have formed a new self-regulatory organization, one of whose objectives is the restoration of investor confidence in the industry after the theft of about $500 million in January. It will begin in April.
On the formation of a new body of self-regulation became known about two weeks ago, when two organizations — the Japan Association for cryptocurrency trading (JCBA) and the Japanese Association of blockchain (JBA) — has put forward this idea instead of discussing unification. These two associations bring together 16 kryptomere countries approved the Agency’s financial services authority (FSA).
Chairman of the new organization, not yet named, was the Chairman of the JCBA and the President of the company Money Partners Group , Taizen Okuyama (Taizen Okuyama), Deputy CEO of bitFlyer and the head of the JBA Yuzo Kano (Yuzo Kano).
The purpose of the organization, as explained by Okuyama, “to bring the entire cryptocurrency sector self-regulation”. It will work with FSA to establish security standards, and will define guidelines for the ICO. It is the same as the Japanese Association of securities dealers, will have the authority to enforce its membership rules.
The organization will also be open to cryptocurrency exchanges temporarily working without the approval of the FSA, which the country also sixteen. These include and Coincheck, which in January lost as a result of breaking 532 million tokens XEM. The exchange continues to work, trying to normalize her — not so long ago was the opportunity to open a withdrawal. Coincheck has promised to pay compensation to thousands of victims all 260 customers, but it is unknown how and to what extent.
The Japanese authorities after the theft of the token Coincheck demanded cryptocurrency companies to strengthen cyber security measures and to strengthen the standards for internal control. The regulator began checking kryptomere, including the on-site inspection.