The Japan Virtual Currency Exchange Association (JVCEA) has notified members of the easing of rules regarding the listing of digital assets. This is reported Bloomberg.
Platforms can list coins without lengthy approval procedures if they are already on the Japanese market.
For the first time, the possible simplification of the listing of cryptocurrencies by JVCEA became known in February 2022. The organization then said that the revision of the rules was agreed with the Financial Services Agency (FSA). The Association supervises the activities of the exchanges on behalf of the regulator.
Bloomberg learned in October that the new requirements would go into effect in December. As a result, the asset listing approval procedure will be reduced to 30 days instead of about six months. JVCEA Vice Chairman Genki Oda then noted that the goal of the organization is to reduce this period by half.
The official emphasized that the measure is designed to revive the cryptocurrency market in Japan.
JVCEA has simplified the listing of assets amid tightening regulation of the industry in the country. In October, the authorities decided to amend six foreign exchange laws as part of the fight against money laundering. The changes provide for the mandatory identification of users by crypto platforms and the provision of other information upon request.
However, Bloomberg noted that Prime Minister Fumio Kishida’s government has made Web3 growth part of its economic strategy. Presumably, next year the administration will revise corporate taxes to support crypto entrepreneurs.
Recall that in December, the FSA recommended limiting the use of algorithmic stablecoins in the country.
At the same time, according to the media, the regulator intends to simplify the listing of payment-oriented “stable coins” issued abroad. The department introduced restrictions after the May crash of Terra.
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