By Scott Galbraith
The Japan Virtual and Crypto Assets Exchange Association (JCVEA) plans to go easy on trading platforms. It intends to soften the grip of its cryptocurrency listing rules on crypto platforms, as reported by Bloomberg, which also cited a document in this regard.
The JCVEA now plans to give Cryptocurrency trading platforms the leverage and opportunity to list crypto tokens easily without passing several complex screening hoops. The only exceptions to this ease are tokens new to the Japanese Crypto market.
Publication from the Association shows that this ease could start by December. In addition, the legal documents that show the details and approval of this new development have been shared across member firms of the JCVEA.
The association’s vice chairman, who also doubles as the CEO of Cryptocurrency Exchange Bitpoint Japan, Genki Oda, consented to the document’s accuracy. However, he also mentioned the possibility of JCVEA further erasing pre-screening procedures for new cryptocurrencies.
This removal will also apply to tokens generated from initial coin and exchange offerings in Japan, perhaps as soon as 2024. JCVEA works with the country’s top financial regulator (the Financial Services Agency, FSA).
FSA’s goal is to ensure that every rule that JCVEA sets fully aligns and complies with the country’s constitution. Presently, this group consists of 33 members who handle crypto-related matters.
A Faster Listing Process
The Vice Chairman also mentioned that Japan has over 50 cryptocurrencies in circulation across all local trading platforms. He claims this is possible because of a faster listing process, as against two years ago when less than 25 cryptos were available for trading across crypto trading platforms.
With this new development, crypto traders can now list crypto tokens within thirty days of going through the pre-listing assessment and report. However, these entities will need to report their coins’ listing and other events around it, such as hardforks, to the JCVEA every 90 days.
This ease is more of an expansion of the Greenlist policy that the association had introduced earlier in the year. This policy makes it possible for crypto trading platforms and exchanges to list the country’s commonest tokens faster than previously.
Nevertheless, the association still monitors all tokens to fish out the ones that are not appropriate and halt their circulation. Due to this new development, Binance aims to penetrate the country’s crypto market again after leaving four years ago.
The Government’s ease in their regulatory approach in the country’s crypto space will do more good than harm for Japan’s crypto space.