Investing.com - The threat of a regulatory crackdown has cryptocurrency players in South Korea taking the first steps in practicing self-regulation.The Korean Blockchain Association launched in late January. Its 66 members include 25 of the country's crypto exchanges.The trade group plans to be an intermediary between the government and industry players.A similar trade group exits in Japan, where Bitcoin has been a legal currency since last April.Among the first steps in South Korea is the creation of a standard index of virtual currency prices and transaction data. Exchanges are also expected to adopt minimum operating requirements and a code of employee ethics.Japan's trade group said it plans to strengthen self-regulation after hackers recently stole $530 million from the Coincheck exchange there.