Japan’s cryptocurrency exchanges to announce plan for self-regulating body: sources

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TOKYO (Reuters) – Japan’s 16 registered cryptocurrency exchanges will form a self-regulating body this spring in a bid to better safeguard investors following a $530 million digital money heist in January, two sources with direct knowledge of the plan said.

The plan will be announced as early as Friday, the sources told Reuters. They declined to be identified because they are not authorized to speak to the media.

Hackers stole about $530 million from Tokyo-based cryptocurrency exchange Coincheck Inc in January, exposing flaws in Japan’s system and raising questions over how Japan regulates the industry.

Last month, Japanese cryptocurrency exchanges landed in hot water again when a blunder at one of the exchanges let investors briefly buy bitcoins for free, although none were able to profit from the mistake.

Reporting by Takahiko Wada; Writing by Minami Funakoshi; Editing by Chang-Ran Kim