16 Japanese cryptocurrency exchanges to create self-regulating body

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Published: February 20, 2018 5:39:01 PM

In order to safeguard interests of the investors post reports of a $530 million digital money hack, sixteen cryptocurrency exchanges in Japan have decided to form a self-regulating body as early as next week.

In a digital money heist last month, nearly $530 million were stolen from the Tokyo-based cryptocurrency exchange named Coincheck Inc.

In order to safeguard interests of the investors post reports of a $530 million digital money hack, sixteen cryptocurrency exchanges in Japan have decided to form a self-regulating body as early as next week, Reuters reported citing unidentified sources. Earlier there was a plan to merge Japan Blockchain Association and Japan Cryptocurrency Business Association- two different industry bodies. However, now this new self-regulating body will be created in order to regulate exchanges registered with Japan’s Financial Services Association, report added.

In a digital money heist last month, nearly $530 million were stolen from the Tokyo-based cryptocurrency exchange named Coincheck Inc. The heist exposed defects in the country’s system and raised questions over regulatory mechanism followed in the country.

Bitcoin was trading at $11,408 on CoinDesk’s Bitcoin Price Index (BPI) while writing the report.  Its price touched $11,640.18 earlier today. Bitcoin fell below $6,000 level for the first time since November last year. Bitcoin had hit $20,000 level last year. The popular cryptocurrency touched

$19,783 in December 2017. In view of the volatility that is existent in the cryptocurrency market at present all across the world, Ethereum co-founder Vitalik Buterin said yesterday said yesterday that investments in Bitcoin could be ruined in an instant.

He also suggested that it’s best to park money in traditional assets rather in highly volatile asset class that could lose its value to zero in any point of time.

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