Japan is about to get the first self-regulatory body for its cryptocurrency exchange industry as reports of a formal agreement surfaced on the local news outlet Asahi Shimbun Tuesday, April 24.

According to Asahi Shimbun, the country’s sixteen licensed exchange operators have taken steps to finally launch what will become known as the Japanese Cryptocurrency Exchange Association (JCEA).

Coming at a time when exchanges remain in the spotlight following Coincheck’s $530 mln heist in January, the group will create best practices and compliance standards, which all members will be required to uphold.

It will also advise the twelve or so exchanges not currently registered as part of Japan’s cryptocurrency licensing scheme with regard to cross-industry “development,” according to JCEA chairman Taizen Okuyama, president and CEO of forex firm Money Partners.

“I would like to create a situation where I can give advice to (unlicensed exchanges), the development of the industry as a whole is important,” he told Asahi Shimbun.

The road to the group’s creation has been long. Plans began surfacing back in February from two industry entities whose members now make up the JCEA - The Japan Blockchain Association (JBA) and Japan Cryptocurrency Business Association (JCBA).

At the time, JBA executive director Yuzo Kano hinted that developing an industry standards effort would not occur overnight, despite the pressing need to avoid a repeat of Coincheck.

“There is progress, but it is not yet concrete fact,” he wrote on Twitter at the time.