Cryptocurrency theft prompts new push for self-oversight

Jan 29, 2018 | News On Japan

Jan 29, 2018 (Nikkei) - Two trade groups in Japan's booming cryptocurrency sector have decided to merge into a self-regulatory body in the wake of the biggest virtual currency disappearance to date, taking a step they had hesitated to before.

The Japan Blockchain Association -- which includes bitFlyer, the nation's biggest cryptocurrency exchange -- and the Japan Cryptocurrency Business Association still have to hammer out the details of the merger.

The Financial Services Agency has been urging them to combine into a self-regulatory body for the industry. Both sides had discussed such a move but had been unable to agree on a way forward until now.

A new, broader organization could make it easier set common rules for protecting investors, such as managing customer assets separately from the exchanges' capital. Having uniform disclosure standards would also aid customers in choosing an exchange.

Cryptocurrencies are increasing in number and spawning offshoots at a pace that tests regulators' ability to keep up. Japan has taken a relatively light-touch approach to regulating cryptocurrency activity compared with China, which has clamped down after an early surge in trading.

Security measures at Tokyo-based exchange operator Coincheck have come under harsh scrutiny since some 58 billion yen ($534 million) worth of customer holdings of the NEM virtual currency were stolen Friday.

The FSA is expected to take administrative action Monday by ordering Coincheck to submit a plan for improving operations.

Coincheck will refund all of the roughly 260,000 NEM holders in yen, the company said in a statement Sunday. Chief Operating Officer Yusuke Otsuka told reporters that customers will be reimbursed out of the company's cash holdings. Otsuka said no date has been set for the payments or for a restart of transactions on the exchange.

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