Japan’s government considers relaxing strict coin listing rules

Changing the existing regulation may increase the country’s possibility of participation in global cryptocurrency markets

04.02.2022 - 12:40

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What’s new? The Japanese government is considering a proposal to simplify the listing procedure for digital assets in the local retail trading market. This only applies to registered exchanges. Bloomberg reports that if the new rules are adopted, exchanges registered with the Financial Services Agency (FSA) will be able to list certain assets without a lengthy verification process.

Information on the Bloomberg website

What are the current listing rules? They require assets to go through a multi-step verification process, which can take more than six months. Members of the Japan Virtual and Crypto Exchange Association (JVCEA) have reported that the strict screening process hinders the growth of Japan’s $1 trillion volume crypto industry. They believe that changing the existing rules may increase the possibility of Japan’s participation in global cryptocurrency markets.

What had happened before? The FTX exchange, owned by Sam Bankman-Fried, acquired Liquid Group, the operator of the Japanese-listed Quoine crypto exchange. And Hiromi Yamaoka, who previously headed the Bank of Japan’s digital yen research, opposed CBDC. He warned that the digital yen may have negative consequences for the economy.

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