The initiative aims to restore market confidence and follows the major hack on Coincheck earlier in 2018 in which the exchange lost nearly USD 530 million in NEM tokens. The self-regulatory organization is called the Japanese Cryptocurrency Exchange Association, and among participating exchanges we name Money Partners, Quoine, bitFlyer, SBI Virtual Currency, GMO Coin, and Bit Argo Exchange Tokyo.
The self-regulating organization will work on a comprehensive set of rules aimed at customer protection and internal controls. It will also seek to impose penalties on those who engage in activities that damage the trust of the industry. Moreover, the group will seek compliance from participating exchanges.
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