Japanese Crypto Exchange

Japan to Simplify Its Token Listing Process

  • Japan has been working to implement and revise policies to accommodate its growing crypto community.
  • The country’s Prime Minister, Fumio Kishida, recently said that Japan would increase efforts to promote the use of Web3 technologies such as the Metaverse and NFTs.
  • Exchanges in Japan must be assessed by the Japan Virtual and Crypto Assets Exchange Association. But new policies would simplify the process of listing in Japan.

Cryptocurrencies have seen a growth in demand and value over the last few years. As a result, different industries and the global market have adopted digital assets with open arms, forcing governments around the world to establish regulations. While some of these nations have erected strict restrictions that have stifled innovation, Japan is relaxing its current cryptocurrency policies to be more welcoming to the sector.

The regulating body for crypto assets in Japan, the Japan Virtual and Crypto Assets Exchange Association, announced plans to further soften the country’s crypto rules. The focus this time was on simplifying the listing process.

According to a Bloomberg article, the association intends to use a less stringent screening procedure for already approved exchanges to offer virtual coins as early as December of this year. This would nonetheless apply to tokens that are already available on the Japanese market.

Additionally, by March 2024, the regulators could completely do away with the time-consuming pre-screening procedure, even for coins that have just entered the market. According to remarks made by Genki Oda, vice president of the association, this situation could also apply to tokens issued through initial coin or exchange offers. 

Speaking on the agency’s latest announcement, Oda said,

We hope the latest measure will help revitalize Japan’s crypto assets market.

 Japanese officials seek to leverage these new initiatives to revitalize the local cryptocurrency ecosystem and make it simpler for companies to break into the market. The country’s cabinet recently revised its laws regulating money laundering. This implies that companies that enable the exchange of cryptocurrency assets must divulge user information and alert the business owners.

The crypto community in Japan has witnessed a huge surge in growth and adoption, and the nation’s leadership is taking steps to accommodate the growth. Authorities in the Asian country announced in August that they would consider tax reforms in a bid to prevent startups from leaving the country.

Japan is not the only Asian country witnessing growth in Web3 activities. South Korea has also recorded an impressive number of crypto-savvy locals. However, regulators in these countries are exploring the best ways to tackle concerns such as hacks and fraud that have robbed locals of their assets.

Lawrence Woriji Verified

Lawrence has covered some exciting stories in his career as a journalist, he finds blockchain-related stories very intriguing. He believes Web3 will change the world and wants everyone to be a part of it.

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