© Reuters. FILE PHOTO: Logo of Bitcoin is seen on an advertisement of an electronic shop in Tokyo
TOKYO (Reuters) – Japan’s two cryptocurrency industry groups are planning to merge to form a self-regulating body, seeking to better safeguard investors after last month’s $530 million heist of digital money, sources involved in the negotiations said.
The Japan Blockchain Association and the Japan Cryptocurrency Business Association are expected to merge as early as April, the sources said.
The merged organization may appoint the heads of the two existing associations as chairman and vice chairman, said the sources, who declined to be identified because they were not authorized to speak to the media.
The Japan Cryptocurrency Business Association said in a statement that nothing has been decided. Representatives for the Japan Blockchain Association could not be immediately reached for comment.
Last month, hackers stole about $530 million from Tokyo-based cryptocurrency exchange Coincheck Inc, in one of the biggest-ever heists of digital currency.
The Coincheck heist exposed flaws in Japan’s system and raised questions over the country’s dash to regulate the industry – a sharp contrast to clampdowns by countries like South Korea and China.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Latest posts by investing.com (see all)
- Japan keeps distance from FX as U.S automakers target yen manipulation - December 11, 2018
- India's Rupee, Bonds Slide as RBI Chief's Exit Roils Markets - December 11, 2018
- Forex – U.S. Dollar Slips Amid China, U.S. Trade Talks; Brexit Deal in Focus - December 11, 2018