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In Japan crypto exchanges will create a self-regulatory organization

Sixteen Japanese exchanges of cryptocurrencies have formed a new self-regulatory organization.

05.Mar.18 12:06 AM
By Daria Zaytseva


In Japan crypto exchanges will create a self-regulatory organization

That comes in the wake of the $500 million theft in January.

According to a Nikkei’s report, the new initiative will see the group of licensed exchanges of cryptocurrencies, presented by two trade organizations in Japan, which will seek to implement standards in April for the Financial Services Agency (FSA) in order to improve security measures among them. The group will also work on the development of standards for the activities around initial coin offerings.

The formation of the new organization, which name remains to be determined, appeared after two trading groups, the Japan Cryptocurrency Business Association (JCBA) and Japan Blockchain Association (JBA), reached an agreement last week.

As the chairman and vice chairman of the new group will serve Taizen Okuyama, president of foreign exchange trading firm Money Partners Group and chairman of the JCBA, and Yuzo Kano, CEO of exchange startup bitFlyer and the head of the JBA.

This step confirms previous reports on the efforts to develop SRO for the Japan cryptocurrency exchange ecosystem.

The idea was put forward as a way to strengthen public confidence after the break-in, as a result of which a $ 500 million theft was marked by the NEM token from Coincheck, one of the Japanese exchanges that is not yet fully approved by the FSA.

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