Cryptocurrency exchanges to launch self-regulatory body

February 18, 2018

Tokyo- Cryptocurrency exchange operators in Japan will apply to the Financial Services Agency for the establishment of a self-regulatory body under the Payment Services Act, informed sources said Friday.

The new body will develop voluntary rules for the sector, including on management of customer deposits, following the theft of 58 billion yen's worth of virtual currency NEM from Tokyo-based Coincheck Inc. in a hacking incident in January, the sources said.

The organization is due to be launched in April by members of two existing industry groups--the Japan Cryptocurrency Business Association and the Japan Blockchain Association. Jiji Press