Japan Authorities to Slash Listing Wait Time for New Crypto Tokens

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Bloomberg reported Wednesday that the Japan Virtual and Crypto Assets Exchange Association (JVCEA) intends to relax cryptocurrency listing restrictions to make it simpler for trading platforms to trade cryptocurrencies, citing a private document.

The organization intends to waive its long vetting process for crypto assets that are not new to the Japanese market before allowing trading platforms to list them. The publication stated that the reduced restrictions might go into effect as soon as December and that member firms had just received the documentation explaining the changes.

Genki Oda, the CEO of the cryptocurrency exchange Bitpoint Japan and a vice chairman of the JVCEA, confirmed the document to the media. He predicts that by March 2024, the JVCEA will no longer require pre-screenings for cryptocurrencies that are new to Japan and tokens from initial coin offers (ICOs) or exchange offerings.

Oda remarked: “We hope the latest measure will help revitalize Japan’s crypto assets market.”

The JVCEA is a self-regulatory organization that oversees Japanese cryptocurrency exchanges. To guarantee that its policies are compliant with national regulations, the organization maintains constant contact with Japan’s leading financial regulator, the Financial Services Agency (FSA). According to the group’s website, 33 members have currently begun managing crypto assets.

shutterstock 776502403 minJapan Authorities Retain Power to Force a Crypto Delisting If Foul Play Is Detected

Approximately 50 cryptocurrencies are being traded in Japan, according to Oda, who noted that less than half were exchanged two years ago. This is in part owing to quicker listing checks.

The JVCEA’s new regulations let cryptocurrency exchanges list tokens within 30 days of disclosing their listing plans and coin evaluations. Every three months, trading platforms must notify the JVCEA of any event involving listed coins, such as hard forks.

The “Greenlist,” which the JVCEA launched in April to enable exchanges to list the most popular tokens more quickly, is expanded upon under the new regulations. The organization will keep an eye out for any “inappropriate” cryptocurrency tokens and may request that member companies stop marketing them.

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.