Japanese Crypto Exchanges Aim To Catch Up With Coin Listings
The JVCEA will publish a “green list” of 18 cryptocurrencies that will no longer be subject to pre-listing screening by Japanese cryptocurrency exchanges.
Japanese cryptocurrency exchanges are apparently seeking to make the process of listing new cryptocurrencies easier in order to compete with overseas crypto trading platforms.
According to local news outlet Nikkei, the Japan Virtual and Crypto Assets Exchange Association (JVCEA), a self-regulatory body of 31 local crypto exchanges, is planning to release a “green list” of 18 widely-accepted cryptocurrencies in late March.
The green list intends to eliminate the need for Japanese crypto exchanges to screen cryptocurrencies with the JVCEA each time they want to offer them on their platforms. The JVCEA reportedly stated in an online presentation that the digital assets on the green list will no longer be subject to screening.
The next green list will include some of Japan’s most popular cryptocurrencies, such as Bitcoin (BTC), Ether (ETH), XRP, and Litecoin (LTC) . According to the report, getting added to the green list requires that a digital asset be listed on three exchanges in Japan, with at least one trading platform listing it for at least six months.
The latest move from the JVCEA intends to give crypto investors more alternatives for trading on licensed Japanese cryptocurrency exchanges. “Sophisticated traders have rushed to exchanges that do not have a license in Japan, such as Binance, partly owing to a lack of options,” according to the study.
As of mid-March 2022, the crypto exchange Binance supports more than 80 cryptocurrencies, according to the most recent official list of traded coins. According to Coinbase’s official website, the largest crypto exchange in the United States, which began operations in Japan last year, it has listed roughly 160 cryptocurrencies so far.
According to Nikkei, Japanese cryptocurrency exchanges have only listed roughly 40 cryptocurrencies so far. According to a JVCEA representative, the GMO Coin crypto exchange is the largest Japanese crypto exchange in terms of supported coins, handling 20 cryptocurrencies.
BitFlyer, one of Japanese crypto exchanges , was trading only five cryptocurrencies as of Tuesday morning
As previously reported, the JVCEA was founded in March 2018 as a self-regulating group in response to a number of hacking events that drew regulatory notice.
The JVCEA warned in February that Japan’s rigorous screening requirements were preventing the $1 trillion Japanese crypto business from expanding.
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