Japan Virtual and Crypto Assets Exchange Association will allow cryptocurrency trading platforms to list crypto coins, without going through an extensive screening process. “We hope the latest measure will help revitalize Japan’s crypto assets market,” said the vice chairman of the association.
List Rules Relaxed for Cryptocurrencies
Bloomberg reported Wednesday that Japan Virtual and Crypto Assets Exchange Associations (JVCEA), is looking to relax crypto listing rules in order to make it more convenient for trading platforms to list the cryptocurrencies. Bloomberg cited a document it had seen.
The association plans to allow trading platforms to list crypto tokens without going through a lengthy screening process unless the tokens are new to Japan’s market. According to the publication, these relaxed rules may be in effect by December. The documents detailing the changes were distributed recently to members firms.
Genki Oda (JVCEA Vice Chair) is the CEO and founder of Bitpoint Japan cryptocurrency exchange. He confirmed that the document was published. According to him, the JVCEA could eliminate prescreenings for cryptocurrency new to Japan as well tokens that were issued via initial coin or exchange offering.
Oda observed:
We hope the latest measure will help revitalize Japan’s crypto assets market.
JVCEA regulates the Japanese cryptocurrency exchanges. The organization works closely with Japan’s top financial regulator, the Financial Services Agency (FSA), to ensure its rules are in compliance with the country’s regulations. According to its website, the group has 33 members that have begun handling crypto assets.
Oda stated that more than 50 cryptocurrency are being traded in Japan today, partly because of faster listing screenings. He also noted that less than half the cryptocurrencies were traded around two years ago.
Under the JVCEA’s new rules, crypto exchanges will be able to list tokens within 30 days of reporting their listing plans and coin assessments. Listing events, including hard forks and other issues, will need to be reported to the JVCEA by trading platforms every three months.
The new rules expand on the “Greenlist” which the JVCEA introduced in April to allow exchanges to list the most common tokens faster. The association will monitor for any “inappropriate” crypto tokens and may ask member firms to stop offering them.
Binance is apparently seeking permission to access the Japanese crypto market, four years after it was closed. The trading platform’s renewed interest in Japan is due to the Japanese government’s easing regulatory approach to crypto and substantial potential for user growth.
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