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Public Administration News  
Japan: Self-Regulatory Body to Launch
Source: http://the-japan-news.com
Source Date: Saturday, March 03, 2018
Focus: Knowledge Management in Government
Country: Japan
Created: Mar 09, 2018

Sixteen cryptocurrency exchange operators in Japan said Friday they will set up a new industry group, aiming to gain regulatory approval for it to act as a self-regulatory body.

“We need to work on strengthening internal control, including system security,” Taizen Okuyama, president of Money Partners Co., one of the exchange operators, told a press conference in Tokyo.

The move comes after exchange operator Coincheck Inc. lost ¥58 billion’s worth of NEM virtual currency in a hack in January.

The group is expected to select Okuyama as chairman, and bitFlyer Inc. President Yuzo Kano as deputy chairman.The 16 companies, already registered with the Financial Services Agency, plan to launch the group as early as this month.

The group plans to accept operators applying for FSA registration as well, including Coincheck, in stages.

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