Bloomberg: Japan weighs loosening listing rules for Bitcoin exchanges

The Japanese Virtual Currency Exchange Association (JVCEA) is considering easing listing rules for new assets. The Bloomberg, citing informed sources.

According to sources familiar with the matter, the self-regulatory organization is developing new rules that would allow platforms to add more than a dozen coins without a lengthy vetting period.

The current listing-approval process takes six months or more. This hinders local exchanges from offering users a broad selection of assets and hampers market development, sources say.

which began operating in the country in August 2021 Coinbase, through its local subsidiary, offers only five cryptocurrencies, although in the US the exchange has more than 100 digital assets listed. Tokyo-based Coincheck and GMO, founded in 2012 and 2016 respectively, have the widest selection of 17 coins.

The lengthy process of approving a new listing applies even to major globally popular cryptocurrencies. Under the proposed rules, the simplified process for adding support would apply to coins traded on at least three Japanese trading platforms for six months or more. There are about 15 such currencies, including Bitcoin and Ethereum.

According to the publication, the association has also begun discussing the possibility of easing listings for assets not yet trading on Japanese exchanges.

The rule revisions are said to have been agreed with the Financial Services Agency (FSA), on behalf of which the JVCEA conducts listing checks. The final decision on implementing the changes has not yet been made, Bloomberg sources said.

In February 2022, the FTX derivatives platform announced its entry into the Japanese market through the purchase of a regulated exchange, Liquid.

The Hong Kong-based crypto firm Amber Group, to operate in the country acquired the DeCurret platform, also registered with the FSA.