Japanese cryptocurrency companies to form a new organization

The hack of Coincheck which resulted in the lost of half a billion dollars has led not only to the state probation of new Coincheck security measures, but also to the alliance of the Japan Cryptocurrency Business Association (JCBA) and Japan Blockchain Association (JBA).

The primary common goal they share is to improve defensive mechanisms against cyber criminals. This new partnership organization (no name yet) will not have only one leader, instead, JCBA and JBA chief executives Taizen Okuyama and and Yuzo Kano will head it collectively.

Japan’s Coincheck was hacked during 26 January this year and the loss of $500 million has led to the increase of the attention of the government towards similar organizations. The Japanese government wants to prevent similar cases in the future.

The self-regulatory organization forming practice is being used throughout the world. Similar examples are the Russian Association of Blockchain and Cryptocurrency (RACIB) and the British CryptoUK formed recently. The very probable reason lies in the fact that most companies believe they will have more advantage against the harmful governmental measures if they speak jointly.

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