The Financial Services Agency (FSA), Japan’s finance regulator, has formally approved a cryptocurrency exchange association as a self-regulatory industry body.

The FSA said in a notice on Wednesday that it has accredited the Japanese Virtual Currency Exchange Association (JVCEA) as a “certified fund settlement business association,” a status that will let the body set rules for the nation’s exchanges and take action over any violations.

While the group has not announced any rules yet, a recent report from Reuters said it may require member exchanges to hold separate bank deposits and government bonds, based on a draft obtained by the news agency. The move would be aimed to ensure exchanges have sufficient funds to compensate users in the event of a hack.

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