The Japan Virtual and Crypto Asset Exchange Association (JVCEA) plans to allow cryptocurrency exchanges to list coins without going through a lengthy screening process. “We hope this latest move will help revitalize the Japanese crypto-asset market.“, said the vice-president of the association.
Relaxation of cryptocurrency listing rules.
The Japan Virtual and Crypto Asset Exchange Association (JVCEA) plans to relax cryptocurrency listing rules to make it easier for exchanges to list cryptocurrencies, Bloomberg reported on Wednesday, citing a document he saw.
The association plans to allow trading platforms to list crypto tokens without going through a lengthy selection process, unless the tokens are new to the Japanese market. The relaxed rules could go into effect as early as December, the publication said, adding that documents outlining the changes were recently distributed to member firms.
JVCEA Vice Chairman Genki Oda, who is also the CEO of cryptocurrency exchange Bitpoint Japan, confirmed the document to publication. He thinks the JVCEA could also remove prequalifications for cryptocurrencies new to Japan and tokens issued by initial coin offerings or exchanges by March 2024.
Genki Oda noted:
We hope this latest move will help revitalize the Japanese crypto-asset market.
The JVCEA is a self-regulatory body that governs cryptocurrency exchanges operating in Japan. The organization works closely with Japan’s main financial regulator, the Financial Services Agency (FSA), to ensure that its rules are in line with the country’s regulations. The group currently has 33 members who have started trading cryptoassets, its website says.
Genki Oda said more than 50 cryptocurrencies are currently traded in Japan, partly thanks to the acceleration of listing review, noting that less than half were traded about two years ago.
Under the new JVCEA rules, cryptocurrency exchanges will be able to list tokens within 30 days of reporting their listing plans and coin valuations. Exchanges will be required to report events associated with listed coins, such as hard forks, to the JVCEA every three months.
The new rules are based on the “green list” that the JVCEA introduced in April to allow exchanges to list the most common tokens more quickly. The association will monitor any cryptocurrency token”inappropriate” and may ask member companies to stop offering them.
Binance is reportedly applying for a license to enter the Japanese crypto market after exiting it four years ago. The exchange’s renewed interest in Japan is due to the relaxation of the Japanese government’s regulatory approach to crypto and substantial potential for user growth.
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Japan to relax cryptocurrency listing rules
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