Following the example of its UK peers and the heist of Coincheck, Japan’s largest cryptocurrency exchange operators and other industry players announced plans to form a self-regulatory body in order to regain public trust, reports Nikkei Asian Review.
The new organization still has no name, but is set to launch on April 1 and will unite the Japan Blockchain Association and the Japan Cryptocurrency Business Association. The former is set around the major exchange bitFlyer and the latter includes the cryptocurrency service provider Tech Bureau.
The organization will most likely be chaired by Taizen Okuyama, president of Money Partners Group, a foreign currency exchange business operator, reports the media.
The main goal of the organization is to create self-imposed rules on the protection of clients’ assets, system trouble, advertising and insider trading.
The new body has to be approved by the country’s Financial Services Agency and after that will gain the power to set penalties for the breaking of the self-imposed rules.