Japan’s crypto regulator has planned to ease the rules which surround the listing of coins and tokens. This move will make the listing of virtual coins a lot easier.
At the moment, crypto exchanges that want to list their tokens and coins have to get them screened by the Japan Virtual and Crypto Asset Exchange Association (JVCEA).
Additionally, just about 50 assets are currently allowed to be traded in Japan according to the current regulatory rules.
This would help attract foreign exchanges into Japan, as the foreign digital asset exchanges would easily be able to list coins and tokens.
The governing body has now allowed coins to go through without the screening process.
However, if the tokens are new in the Japanese market, they will be required to go through a screening process, as per reports.
These new rules, which will allow the relaxation, are supposed to come into effect this year by December. The documents are already in circulation amongst the member firms.
Reports suggest that the Vice Chairman of the JVCEA, Genki Oda, has also confirmed these documents.
He also mentioned that the pre-screenings will be done away with for Japan’s new coins by next March. The same rules are supposedly applicable to tokens issued through ICOs as well.
Changes After New Crypto Token Listing Rules Come Into Effect
The JVCEA’s planned regulatory change shall bring about certain alterations and relaxations in place. After the new measure comes into effect, the exchanges will be able to list their tokens within 30 days of reporting their plans to list them, along with coin assessments.
The duration will be shortened to 14 days from April. Japan has been witnessing development in space lately.
Recently, a web3 developer platform raised $15.5 million to expand operations into Japan as Japan’s regulatory stance has gained clarity lately.
The world’s biggest crypto exchange, Binance, is also looking to get a licence in the country. FTX, which is another renowned exchange platform, launched its services this year.
Japan Wants To Revive Its Crypto Space
Japan is taking steps towards ensuring that there is enough growth and scope within the space.
The country, however, had a different outlook towards the digital asset industry, with more tightened regulations around the same.
Now, Japan is moving closer to a more friendly environment for the industry players. For instance, Binance, for instance, has continued to seek a licence for the past four years and has finally retreated owing to stance in stance.
Oda, who also happens to be the software developer of Remixpoint inc., stated,
We hope the latest measure will help revitalise Japan’s crypto asset market.
Japan’s new stance is quite different from its previous steps, which included increased scrutiny emerging in certain jurisdictions due to the $2 trillion wipeout in digital assets in the past year.
It caused a major eruption at crypto hedge funds and among lenders.