According to Bloomberg, the Japan Virtual and Crypto Assets Exchange Association will make it easier for token listings to be made available on exchanges.
This would allow exchanges to list tokens without undergoing the lengthy screening process that currently takes place. This would reduce this time down to just two weeks.
Japan’s cryptocurrency regulator will relax rules regarding the listing of tokens and coins.
To list tokens or coins on cryptocurrency exchanges, they must screen them by the Japan Virtual and Crypto Assets Exchange Association. According to its regulations, Japan allows trading in just 50 crypto assets.
Bloomberg documents show that the JVCEA plans will allow exchanges to list tokens in a simplified manner, without having to work through this long process. The JVCEA also stated that the revised relaxed rules could be in effect by December and the documents have been distributed to members firms.
Bloomberg met Genki Oda, Vice Chairman of JVCEA. By March 2024, it may be possible to eliminate pre-screenings for upcoming coins and ICO tokens in Japan as well.
After the JVCEA’s proposed measure to relax token screening is in place, exchanges will be able to list tokens within 30 calendar days of reporting their listing plans and coin assessments. This timeframe will be reduced to two weeks starting in April.
Recent moves in Japan’s cryptocurrency sector led to the relaxation of regulatory requirements. A web3 platform for developers raised \$15.5million last week to expand to Japan. They cited its regulatory clarity. Binance is also believed to be in Japan, seeking a license. In June, rival firm FTX launched services for Japanese customers.