Japan’s Virtual and Crypto Asset Exchange Association is planning a new listing model. It wants to let cryptocurrency trading platforms list tokens without the usually long process. The Vice Chairman of the Association said they hope the measure will revitalize the crypto market in Japan.
Making Entry Way Easier
The plan of the Virtual and Crypto asset Exchange Association will, thus, make entry easier. Cryptocurrency platforms will, as a result, find it easier to list their tokens. A document referring to this development was first cited by Bloomberg on Wednesday.
The Association promises to cut the stress platforms go through while trying to list their tokens. Well, except the tokens are completely new to the Japanese market. It is possible that the relaxed laws take effect in December.
The released information added that the documents that list the changes are being sent out to member companies. The Association’s Vice Chair, Genki Oda, confirmed the latest decision. He thinks that the Association could equally do away with the pre-screening of new cryptocurrencies.
The pre-screening could also not be available to assets issued via initial coin offerings by 2024. He stated that it is the hope of the Association that the new measure helps to revitalize the crypto market in Japan. Genki Oda is the CEO of Bitpoint Japan crypto exchange.
The Association is a self-governing body that oversees the operation of crypto exchanges in Japan. It works closely with the Financial Services Agency which is the country’s top regulator. The close work helps ensure the association’s laws are in tandem with the country’s regulations.
The Eagle-Eyed Association
Its website reveals that it currently has 33 member companies. All of which are involved with handling crypto assets.
Oda explained that more than 50 cryptocurrencies are being traded in Japan at the moment. This is, in part, a result of faster-listing processes compared to other places. There were less than half of that number two years ago, he stated.
With the Association’s new regulation, exchanges can list their tokens within 30 days after stating their plans. The platform will be requested to report all events connected with their listed tokens. Such events include hard forks.
The new laws also expand on the Association’s Greenlist. It was brought in in April to let exchanges list common assets much faster. The Association will watch out for any wrong tokens and might ask member companies to cease offering them.
It is reported that Binance is applying for a license to join the Japanese crypto space. The company left Japan four years ago. It renewed its interest in the country due to the government’s relaxed policy.
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