Two groups of Japanese cryptocurrency industry decided to form a organization not yet named next month. Market in collaboration with the Japan Financial Services Agency (FSA), Nikkei Asian Review reports Saturday, March 3.

This cooperation in the Japanese cryptographic sphere comes after the crackdown, in January, of the Japanese coincheck crypto exchange, with losses totaling more than $ 534 million in NEM, the biggest hack in the crypto world from Mt. Gox. The hacking, which was caused by the break-up of a low security purse storing EOD, prompted the FSA to conduct security inspections on 15 unregistered crypto exchanges, including Coincheck.

One of them is the Japan Cryptocurrency Business Association (JCBA), which represents 16 registered cryptographic operators. Market operators will work together to produce safety standards for investors at the industry level, including the creation of guidelines for initial coin offers (ICO). The journal Nikkei Asian writes that the group will be able to demand the compliance of its members, similar to the powers held by the Japan Securities Dealers Association.

Taizen Okuyama, president of the Money Partners Group currency trading platform, and president of the JCBA, will serve as president of the new organization. Okuyama told the Nikkei Asian Review that the purpose of this new organization is "to bring the whole cryptocurrency sector to self-regulation".

Yuzo Kano, Tokyo CEO bitFlyer exchange and head of the Japan Blockchain Association (JBA), will be vice president.

If the new group is approved as an independent regulatory agency by the government, the organization will be able to ban some virtual currencies. "To be used by cryptographic operators registered in the country if, for example, the coins are suspected of being used in money laundering, the Nikkei Asian Review reports. Pending the approval of the FSA, the new regulatory body will be provisionally open to registered operators and exchanges.

In mid-February, seven major cryptocurrency companies came together to create CryptoUK, the first commercial organization to self-regulate. the crypto market in the United Kingdom.