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The formation of a new business group was prompted by the hack and heist of digital currency marketplace operator Coincheck.

Japan's cryptocurrency industry to embrace self-regulation

New governing body only open to operators approved by financial watchdog

Nikkei staff writers | Japan

TOKYO -- Japan's cryptocurrency industry is preparing to establish a self-regulatory body consisting only of government-approved marketplaces in an effort to regain the public's trust after a vast digital currency heist last month.

Sixteen registered virtual currency marketplace operators and executives from some unregistered ones attended a closed meeting in Tokyo on Tuesday to discuss the new organization. Topics included the establishment of a general incorporated association under Japan's revised Payment Services Act, an outline of voluntary regulations, and how to proceed going forward.

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