Japanese exchanges to consider refusing to check cryptocurrencies before listing
Earlier, the administration of Prime Minister Fumio Kishida criticized the way coins were listed - in some cases the process took more than half a year
10.06.2022 - 13:45
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What’s new? The Japan Virtual and Crypto assets Exchange Association (JVCEA), which consists of 31 cryptocurrency exchanges, is in talks to do away with the screening of coins before listing. Instead, the proposal is to verify cryptocurrencies after they have been listed on exchanges. The JVCEA is also considering not forcing member exchanges to delist assets in case of problems after the start of trading, Bloomberg reported, citing sources.
What else is known about the initiative? The new rules, if approved, will not apply to initial coin offerings (ICOs). The association expects to make a final decision on the proposed initiative by the end of the year.
In May, Prime Minister Fumio Kishida's administration criticized existing listing rules for digital assets that involve long verification procedures. In some cases, the process lasted more than six months.
However, according to the source, the requirement for exchanges to notify regulators of plans to list new coins is likely to remain even if the listing procedure is simplified.
The JVCE simplified listings for 18 cryptocurrencies in March. According to the association, the initiative will increase competition with foreign trading platforms. The list includes Japan's top-selling cryptocurrencies such as BTC, ETH, XRP and LTC.
Since April 1, JVCEA has been complying with the rules of the international Financial Action Task Force (FATF) to combat money laundering. Cryptocurrency exchanges in Japan now prohibit anonymous transactions and also provide their customers' data at the request of regulators.
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