Japan will “revive” the crypto business by allowing exchanges to offer currencies without rigorous screening
Japan intends to further reform cryptocurrency 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 regulating body of crypto exchanges aims to allow them to list cryptocurrencies without forcing them to through a stringent screening procedure.
The more permissive legislation may take effect as early as December, making it simpler 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 firms have just lately received the documentation outlining the revisions made.
Japan is becoming more aggressive in the process of rejuvenating its bitcoin economy, in contrast to the regulatory tightening that happened a few years ago. Binance, the biggest digital asset exchange in the world, has applied for a licence to operate in Japan, four years after withdrawing from the market there, in part owing to a policy shift by the government.
Japan’s initiatives contrast with the tougher oversight that is evolving in certain nations in reaction to the $2 trillion blowout at crypto hedge funds and lenders.
According to statements made by Vice Chairman Genki Oda, who presented them as his own opinions, the Japan Virtual and Crypto assets Exchange Association may eliminate pre-screenings for newly issued coins and tokens released through initial coin offerings by March 2024.
During the process of verifying the papers, he said in an interview, “we believe the new action will help revive Japan’s cryptocurrency business.”
Upon the implementation of the JVCEA’s planned action, exchanges will be permitted to offer tokens within 30 days after announcing their listing strategy and coin assessments. This will facilitate faster trade. Oda has said that the goal is to decrease it to within fourteen days of April’s start date.
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