The 16 crypto currency exchanges licensed by the Japanese Government will be forming a regulatory body to increase with the purpose to increase trust by the general public.
Japan is at the forefront of Crypto Currency being the first country in the world to recognise crypto currency as legal tender.
This follows the hack on ‘CoinCheck’ which resulted in the loss of 523 million units of NEM cryptocurrency (about US$530 million).
Directly after the hack Japan’s FSA issued a business improvement order to Coincheck and ordered the company to submit a report on the hack, including measures that would be taken to prevent a reoccurrence. The FSA also conducted an on-site inspection of the exchange to ensure that users’ funds were properly safeguarded.
Regulation of Crypto Currency is now a high reality with Mark Carney the Bank of England Government now also calling for regulation.
Japans FSA has ordered inspection of all of Japans crypto exchanges so self regulation seems to be a solution the industry is offering to prevent the FSA stepping in and regulating.
source:http://learnccrb.com/2018/03/self-regulation-to-be-introduced-by-japanese-crypto-currency-exchanges/