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
227
1 min
0
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.
Useful material?
Market
Users who have experienced withdrawal problems in the last two days will be eligible to participate
Mar 28, 2024
Market
Last July, a criminal investigation into the exchange was opened by the US authorities
Mar 27, 2024
Market
The unrealized profit from the deal was $8,9 million
Mar 26, 2024
Incidents
The phasing out began on March 25
Mar 25, 2024
Crypto regulations
The new measures must go through additional stages of approval
Mar 25, 2024
Incidents
The popularity of this kind of project launch format has already led to blockchain overload
Mar 20, 2024