The Japan Government has taken into consideration to ease of rules and policies for digital token listing in the exchange market. Tokens that are in the trading process for more than six months will be spared from additional screening. Popular coins like Bitcoin (BTC) and Ether (ETH) will find easier to get listed if the proposal passes.
According to Bloomberg sources, the registered exchanges under Japan’s Financial Services Agency (FSA) will be able to list certain assets without going through haptic screening processes. However, there has not been any final declaration on the rule change.
It is very considerate that, CoinBase Inc. started its offering with just 5 coins in Japan even though it traded in hundreds of coins all around the world. Whereas, Coincheck Inc. and GMO Coin Inc. promoted 17 coins in the Japan exchange platform.
Current meticulous listing process
The current screening process to approve new listing also applies to globally popular coins like Bitcoin (BTC) and Ether (ETH). With much deliberation, the Financial Service Agency (FSA) has finally proposed to conduct the process on its own.
Furthermore, the Japanese Virtual Currency Asset and Exchange Association (JVCEA) which is responsible to validate the listing of tokens on exchange platforms has allowed FSA to run the process check on its behalf.
The association is still lying process to make things a lot easier for the service providers to specifically trade in Japan. The FSA body is also working to improvise listings of crypto coins that currently are not being traded in Japan.
Also, the JVCEA is subjected to initiate the new requirements by April. The new essentials must enforce the Financial Action Task Force, which requires customer data associated with transactions.
Japan, the next super market to crypto
The new rule change has emerged with the entry of CoinBase and FTX into Japan’s trading market. Recently, FTX Trading Ltd. acquired Liquid and its subsidiaries Quoine Trade based in Japan, Singapore, and Vietnam.
In Japan, crypto trading has increased to 103 trillion yen (US $900 billion) in 11 months last year. These figures have been generated by JVCEA. As of this writing, the figures are still skyrocketing in Japan.