Japanese Cryptocurrency Regulator Might Be Formed - Report

Two major cryptocurrency formations discuss merging

by Marina Ovcharova
16 February • 1 min
In News

Japan’s two key cryptocurrency organizations are in negotiations to merge, CNBC reported citing sources. The aim might be to form a self-regulating authority for the new industry in order to maintain a higher level of certainty for investors. This happens after in January USD 530 million were stolen from the Coincheck cryptocurrency exchange based in Tokyo.

  1. Steps taken to increase safety

The Japan Blockchain Association and the Japan Cryptocurrency Business Association are anticipated to merge in April. The new organ is expected to be managed by the organizations' current leaders as a chairman and vice chairman. The information hasn't been confirmed officially yet.

Currently, the two associations haven't made a common announcement, although representatives of Japan Cryptocurrency Business Association stated that no decisions have been made to this point.

  1. The trust has been shaken

After the huge theft in January, voices were rising, doubting Coinchesk's ability to ensure financial operations. The heist has been one of the biggest ones in the cryptocurrency history.

Concerns have appeared on state level too, expressing insecurity in Japan's capability to control digital currencies market. Positive local examples were given with South Korea and China, both maintaining a high level of control over cryptocurrency operations.