Cryptocurrency Exchanges In Japan To Set Up A Self-Regulatory Body

There are 16 government-registered cryptocurrency exchanges in Japan, which are going to set up a self-regulatory body by strengthen the trust in an industry, which had seen a $530 million digital money theft in January.

The exchanges said in a statement on Friday, that the body will later invite other crypto-exchanges, whose applications for registration with the government are uncompleted.

The exchanges said, that the name of organization’s and date for registration with the government are undecided, though the sources had told the body would be set up this spring. Details of the scope of its powers were not immediately available.

In January, hackers stole about $530 million from Tokyo-based exchange Coincheck, underlining security concerns about trading the asset and raising questions over how Japan regulates the industry.

Last year Japan became the first country to implement cryptocurrency exchanges, as it wanted to protect customers and support the young and promising space.

In addition to the 16 registered exchanges, it allowed a further 16, including Coincheck, to continue operating while their applications were reviewed.

Japanese cryptocurrency exchanges landed in hot water again last month, when a blunder at one of the exchanges let investors briefly buy bitcoins for free, though none of them could made a profit from the mistake.