The Japan Cryptocurrency Exchange Association (JCVEA) is apparently working on a kind of “green list” that should make it easier for Japanese crypto exchanges to add new coins in the future. Until now, exchanges have had to submit a separate application to the JCVEA for each new listing and verify it.
The Green List should significantly simplify this process in the future. If there is a coin or token in this list, any exchange can accept it without further verification. Preferred coins are said to include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Litecoin (LTC). Apparently, there were growing complaints from the industry that many traders in Japan would switch to foreign stock exchanges due to limited supply. The vice president of the JVCEA also commented on this:
Only a handful of cryptocurrency exchanges are profitable because it took a long time to get crypto approved. Therefore, we have seen a flight to currencies.
Genki Oda, Source: Nikkei Asia
The example shows how hard Japanese crypto exchanges have to fight with the strict regulation. bitfyler Clear. Noisy coingecko the largest exchange in the country has only five cryptocurrencies on offer. competitor binance reaches more than 80 different cryptocurrencies.
The US news agency had already announced in early February Bloomberg reports that the Japanese government is considering relaxing strict listing requirements. Based on this, Japan’s stock exchanges should soon be able to launch entire packs of new coins, BTC-ECHO reported.
Strict crypto regulation in Japan
Crypto regulation in Japan has gained significant momentum over the past year. like the news agency Reuters reported, Japanese authorities had expressed strong concerns about the rapid growth of the crypto market. On July 8, 2021, a separate department was founded within the Financial Supervisory Authority of Japan (FSA), which should mainly deal with the regulation of the crypto market and its applications, such as the DeFi area.
Cryptocurrency transactions through exchanges in Japan increased sharply in the first 11 months of last year Bloomberg by 51 percent to 103 trillion yen ($900 billion), according to JVCEA data. The interest in cryptocurrencies is as great in Japan as it is in South Korea. There, in the last presidential elections, the topic of cryptocurrencies had played a decisive role for the first time. Both candidates had launched their own NFTs to finance their election campaigns. The election winner had also promised a gradual rollback in terms of regulation, BTC-ECHO reported.
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