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Sources say Japanese cryptocurrency associations may form self-regulation

Feb 16, 2018 Posted /  1480 Views

Sources say Japanese cryptocurrency associations may form self-regulation

Currently, it is a critical period going on for the cryptocurrency space. The virtual currency prices are trying to recover from scams, frauds and regulation rumours. The heist on the Japanese crypto-exchange on Jan 26 made the market suffer more and every day new questions are being raised, as to what steps will the organizations involved with cryptocurrency and blockchain will take, to ensure that everything runs fine from now.

Coincheck two weeks after the robbery is claiming that it will soon find the solution to the discrepancies and security breaches that lead to the largest breach till now. However, now two of Japan's cryptocurrency groups have come forward to form a self-regulating body to ensure that the rights of the investors are safeguarded.

The Japan Blockchain Association and the Japan cryptocurrency Business Association as revealed by media may soon merge together to form the regulating body- with some Reuters sources revealing it to be as soon as April. The sources for Reuters further revealed that if the two associations merge together, they will appoint the existing heads of their organization to operate as Chairman and Vice-Chairman. Reuters have clarified that the sources declined to be identified and they were not yet approved to speak to media on the matter.

Nonetheless, the Japan Cryptocurrency Business Association said in a statement that they have not contemplated enough on the matter and as soon as they decide, they will announce it officially. On the other hand, spokesperson of the Japan Blockchain Association was not available to comment immediately on the matter.

The  Fears raised by Coincheck

When hackers last month robbed some $530 million from the Tokyo-based cryptocurrency exchange Coincheck Inc, it was declared as one of the biggest virtual currency heists of all times. As soon as the news started flowing, the markets for digital currencies dipped brutally and many investors lost faith on the digital coins. Coincheck hack disclosed that how Japanese cryptocurrency exchanges have some flaws in their systems, hence creating dilemma over country's stance over virtual currencies. Japan had recently come forward to formulate regulations for the cryptocurrencies and was developing a model to work in harmony with the new-age coins, which was in sharp contrast to the clampdowns by countries like China and South Korea.

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Tags: cryptocurrency Regulations Japan bitcoin Ethereum

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