Japan To Ease Listings Of Tokens To Revitalise Crypto Sector

Japan intends to further reform crypto rules by making it easier to list digital assets, which might increase the country’s attraction to Binance and other big cryptocurrency exchanges.

Bloomberg reported on October 19 that, unless the tokens are new to Japan’s market, the governing body of crypto exchanges aims to allow them to list cryptocurrencies without requiring them to undergo a stringent screening process.

The more permissive legislation could take effect as early as December, making it more straightforward for startups to compete with more established enterprises on the market by expediting the process of listing tokens and lowering the entry barrier. The member companies have only lately received the documentation outlining the revisions made.

Japan attempts to revitalise the crypto sector. Image: Bittimes

Japan is becoming more proactive in rejuvenating its bitcoin economy, unlike the regulatory tightening that occurred a few years ago. Binance, the world’s most prominent digital asset exchange, has applied for a licence to operate in Japan four years after withdrawing from the market there, partly owing to a policy shift by the government.

Japan’s efforts contrast with the stronger oversight in certain nations as a response to the crypto hedge fund and lender failures precipitated by a $2 trillion decline in digital assets from their 2021 peak.

According to statements by Vice Chairman Genki Oda, the Japan Virtual and Crypto Assets Exchange Association may eliminate pre-screenings for newly issued coins and tokens released via initial coin offerings (ICOs) by March 2024.

While verifying the documents, he stated in an interview, “we hope the latest measure will help revitalise Japan’s crypto assets market.”

Upon implementing the JVCEA’s planned action, exchanges will be permitted to offer tokens within 30 days after announcing their listing strategy and coin evaluations. This will facilitate speedier trade. Oda has stated that the goal is to decrease it to fourteen days before April’s start date.