To list coins or tokens on cryptocurrency exchanges, the Japan Virtual and Crypto assets Exchange Association (JVCEA) must first review them. Furthermore, Japan’s regulatory restrictions allow for the trading of just over 50 crypto assets.
The JVCEA intends to let exchanges offer tokens without going through this lengthy procedure, according to papers seen by Bloomberg. It further stated that the loosened standards might go into force as early as December and that the materials have already been delivered to member businesses.
Bloomberg met with Genki Oda, Vice Chairman of the JVCEA, who acknowledged the existence of these records. He also stated that pre-screenings for Japan’s new coinage and tokens produced through ICOs might be phased out by March 2024.
Oda said that after the JVCEA’s proposed action to loosen token screening is implemented, exchanges should be allowed to list tokens within 30 days of reporting their listing strategy and coin evaluations, which is cut to within two weeks starting in April.
The regulatory liberalization comes in the wake of recent developments in the country’s cryptocurrency market. SettleMint, a Web3 developer platform, secured $15.5 million last week to expand to Japan, citing regulatory certainty. Binance is also looking for a nationwide license, while FTX launched services for Japanese users in June.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
Finding the best crypto to join right now can feel like searching for a gem…
In a release on the X platform, SOON—Solana Optimistic Network, a premium Rollup stack project—announced…
Logan Paul has consistently ranked among the highest-earning YouTubers worldwide. In this article, let's explore…
After the success of Notcoin, Not Pixel is the latest project that is attracting the…
The Tonhub Visa card was launched, enabling the user to pay directly with his balance…
According to the Greeks.live, there was a significant expiry event this week, as 344,000 BTC…
This website uses cookies.