Japanese government-registered cryptocurrency exchanges are coming together to set up a self-regulatory body, according to Reuters.

The move comes following the major hack on Coincheck in January in which the exchange lost nearly $530 million. Sixteen domestic cryptocurrency exchanges now seek to restore the trust of users in this industry.

The participating exchanges said that the body will invite other cryptocurrency exchanges whose registration applications are pending for approval from the government. They further said that the name of the new body and date for registration with the government have not been decided yet.

However, sources familiar with the matter told Reuters that the body would be set up in this spring.

Recently, reports also floated in the media that the Japan Blockchain Association (JBA) and the Japan Cryptocurrency Business Association were likely to merge in April to set up a self-regulatory body. The latter issued a statement saying that no facts were decided at that time.