It is reported that a group of Japanese cryptocurrency exchanges will join to form a new self-regulatory body in the wake of the recent Coincheck hack. 

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According to Reuters, which cites anonymous sources close to the group, 16 bags are making the move to self-regulate after the Coincheck exchange obtained the loss of 533 million dollars in NEM after a security breach in January.

The new organization could be announced as soon as next week, according to the report.

The sources said that a plan to merge two existing groups - the Japan Cryptocurrency Business Association and the Japan Blockchain Association - could not be agreed upon and exchanges had opted to form a new organization that would be registered with the country's financial regulator, the Financial Association of Services (FSA).

The news comes days after it was announced that the FSA will conduct on-site inspections of 15 unlicensed cryptocurrency exchanges in light of the Coincheck theft. It is still unclear if these exchanges are behind the new self-regulatory body, or if Coincheck, which is not licensed, is part of the founding group.

The FSA previously ordered all exchanges in the country to report on its security protocols and its resistance to piracy in response to the theft of Coincheck.

Since September 2017, following the new legislation, the FSA has been issuing licenses for some of the country's cryptocurrency exchanges. Others who had applied for licenses, but who had not been approved, were allowed to continue operating on a provisional basis.