Japan eases rules for listing crypto assets

The Japan Virtual Currency Exchange Association (JVCEA) notified participants of a relaxation of the rules governing the listing of digital assets. Bloomberg reports.

Platforms may list coins without lengthy approval procedures if they are already listed on the Japanese market.

The first reports of potential simplification of JVCEA’s cryptocurrency listings became known in February 2022. At the time, the association said that the rule review had been agreed with the Financial Services Agency (FSA). The association oversees exchange activity on behalf of the regulator.

In October, Bloomberg learned that the new requirements will take effect in December.

As a result, the asset listing approval process, which had previously taken about six months, will be shortened to 30 days.

JVCEA Vice-Chairman Genki Oda said at the time that the aim was to cut this timeframe by another half.

The official stressed that the measure is meant to revive Japan’s cryptocurrency market.

JVCEA simplified asset listings amid tightening regulation of the industry in the country.

In October, authorities decided to amend six foreign-exchange laws as part of anti-money-laundering efforts.

The changes require mandatory user identification by crypto platforms and the provision of other information on request.

However, Bloomberg noted that Prime Minister Fumio Kishida’s government has made the growth of the Web3 segment part of its economic strategy.

Presumably, next year the administration will revisit corporate taxes to support crypto entrepreneurs.

In December, the FSA recommended restricting the use of algorithmic stablecoins in the country.

Meanwhile, according to the press, the regulator intends to ease listing of payment-oriented “stablecoins” issued overseas. The authority imposed the restrictions after the May collapse of Terra.

Follow ForkLog’s bitcoin news on our Telegram — cryptocurrency news, rates and analysis.