Two cryptocurrency industry groups in Japan are planning to team up to set up a self-regulating body in order to safeguard the interests of the investors, according to Reuters.

Sources familiar with the matter told the media giant that the Japan Blockchain Association (JBA) and the Japan Cryptocurrency Business Association are likely to merge in April.

The move comes in the wake of a major hack on Japanese cryptocurrency exchange Coincheck in which it lost nearly $530 million.

The existing chiefs of the two industry groups might take up the roles of chairman and vice chairman of the new body, sources added.

In an official statement on the matter, the Japan Cryptocurrency Business Association said on its website:

“There is a report that some industry associations will integrate and a new self-regulating organization will be launched at some press organizations, but we have no facts decided at the present moment.”