The cryptocurrency regulator in Japan intends to ease restrictions governing the listing of coins and tokens.
To list coins or tokens on cryptocurrency exchanges, the Japan Virtual and Crypto assets Exchange Association (JVCEA) must first review them. Furthermore, Japan’s regulatory restrictions allow for the trading of just over 50 crypto assets.
The JVCEA intends to let exchanges offer tokens without going through this lengthy procedure, according to papers seen by Bloomberg. It further stated that the loosened standards might go into force as early as December and that the materials have already been delivered to member businesses.
Bloomberg met with Genki Oda, Vice Chairman of the JVCEA, who acknowledged the existence of these records. He also stated that pre-screenings for Japan’s new coinage and tokens produced through ICOs might be phased out by March 2024.
Oda said that after the JVCEA’s proposed action to loosen token screening is implemented, exchanges should be allowed to list tokens within 30 days of reporting their listing strategy and coin evaluations, which is cut to within two weeks starting in April.
The regulatory liberalization comes in the wake of recent developments in the country’s cryptocurrency market. SettleMint, a Web3 developer platform, secured $15.5 million last week to expand to Japan, citing regulatory certainty. Binance is also looking for a nationwide license, while FTX launched services for Japanese users in June.
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