News of the regulatory body's formation started tricking out in late February, with reports that it could be a merger of two existing firms, Japan Cryptocurrency Business Association and Japan Blockchain Association.

The plan is to only allow government-approved exchanges, but that rule already seems a bit weak. Specifically, Reuters writes that "the body will later invite other cryptocurrency exchanges whose applications for registration with the government are pending, as well as those that plan to register in the future." So, yeah, about that oversight.