Home Crypto Regulation Bitcoin: Coincheck Loss of $530 million taught others great Lesson in Japan

Bitcoin: Coincheck Loss of $530 million taught others great Lesson in Japan

Japan adopts self regulations

Earlier on this year, January to be precised, Coincheck was hacked for 58 billion yen (~USD$530 million) worth of cryptocurrency. And since then Financial Services Agency (FSA) in Japan started

scrutinizing all exchanges operating in the country. The agency also urges industry players to adopt self-regulation standards.

Moreover, following this hack of Coincheck, 16 other cryptocurrency exchanges that have been approved by the Japanese government are now teaming up to form a self-regulatory group. Since Japan currently has no self-regulatory body. 

The exchanges announced on Thursday, as reported by Reuters:

Japan’s 16 government-registered cryptocurrency exchanges will set up a self-regulatory body to bolster trust in an industry rocked by a $530 million digital money heist in January.

While neither the name of the new organization nor the date of registration with the FSA has been announced, sources told the news outlet that “the body would be set up this spring.”

Do you think this step of self regulations is coming too late? Or now is just the right time for it? Drop your comments below and let us know what you think. 

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