JAPAN’S two cryptocurrency industry groups are planning to form a self-regulating body by merging in a desperate effort to combat future market hacks following the loss of $530million (£375.68) from the Coincheck exchange, it has been claimed.
The country’s Blockchain Association and the Cryptocurrency Business Association could merge as early as April, according to sources close to the matter.
However, the latter declared that nothing has been decided as of yet.
The move is surely an effort to prevent future hacks after a devastating attack on crypto exchange Coincheck saw hundreds of millions stolen, marking one of the biggest ever virtual currency heists.
Since the incident, Tokyo appears determined to regulate the market.
The country’s Blockchain Association and the Cryptocurrency Business Association could merge as early as April, according to sources close to the matter.
However, the latter declared that nothing has been decided as of yet.
The move is surely an effort to prevent future hacks after a devastating attack on crypto exchange Coincheck saw hundreds of millions stolen, marking one of the biggest ever virtual currency heists.
Since the incident, Tokyo appears determined to regulate the market.
Source: https://www.express.co.uk/finance/city/919699/Bitcoin-price-latest-Japan-cryptocurrency-regulation-merger-Blockchain-Coincheck-exchange