Japan was the first Asian country to recognize the blockchain and cryptocurrencies. Bitcoin was accepted as a legal tender. But it was Japan where the two biggest hacks in the history took place: Mt. Gox and Coincheck became a history.
Regulators have reacted on the hacks with stricter norms, but not only regulators decided to take measures. Cryptocurrency exchanges responded to the hacks, as well. A self-regulatory body has been setup to back exchanges and to secure their funds as much as possible. The first press-conference of this body took place on the 23rd of April, where the main concern areas have been discussed and the areas that need special attention.
Japan Cryptocurrency Exchange Association is the official name of the body. It consists of 16 exchanges that are registered with the FSA, Financial Services Agency. The main target of the body is to setup standards and expectations for those exchanges that are starting their business and haven’t yet acquired their registration documents from the Japanese government. The main target of such body is to establish common rules among all cryptocurrency exchanges and to provide safe trading and investment environment.