Japan’s 16 government-registered cryptocurrency exchanges will set up a self-regulatory body this spring to bolster trust in an industry, Reuters reported.
The organization’s name and the exact date for registration with government are undecided.
The move comes after hackers stole about $530 million in digital money from Tokyo-based cryptocurrency exchange Coincheck Inc in January.
The participating exchanges said that the body will invite other cryptocurrency exchanges whose registration applications are pending for approval from the government, as well as those that plan to register in the future.
Japan last year became the first country to oversee cryptocurrency exchanges at the national level. In addition to the 16 registered exchanges, it allowed a further 16, including Coincheck, to continue operating while their applications were reviewed.