Japan’s two cryptocurrency application groups are planning to merge to form a self-regulating body, seeking to mastery safeguard investors after last month’s $530 million heist of digital stinking rich, sources involved in the negotiations said.
The Japan Blockchain Association and the Japan Cryptocurrency Enterprise Association are expected to merge as early as April, the sources said.
The mixed organization may appoint the heads of the two existing associations as chairman and vice chairman, swayed the sources, who declined to be identified because they were not authorized to tell to the media.
The Japan Cryptocurrency Business Association said in a statement that nothing has been fixed. Representatives for the Japan Blockchain Association could not be immediately reached for expose.
Last month, hackers stole about $530 million from Tokyo-based cryptocurrency commerce Coincheck Inc, in one of the biggest-ever heists of digital currency.
The Coincheck heist unmasked flaws in Japan’s system and raised questions over the country’s throw to regulate the industry — a sharp contrast to clampdowns by countries like South Korea and China.