Japan to ease listing rules for crypto exchanges

The Japanese Virtual Currency Exchange Association (JVCEA) plans to ease the rules governing the listing of digital assets for authorised trading platforms. Bloomberg reports, citing the relevant document.

The current approval process takes six months. According to the agency, authorities could ease the requirements as early as December, but not for coins not yet circulating on local exchanges.

JVCEA vice-chairman Genki Oda confirmed the document’s authenticity in a Bloomberg interview. He did not rule out that by March 2024 the association could drop pre-screening of new assets and tokens issued under ICO.

“We hope that this measure will help revive Japan’s cryptoasset market,” he said.

If the new requirements come into force, exchanges will be able to list tokens within 30 days of submitting the listing plan and the assessment. According to Oda, the aim is to reduce this period to 14 days.

In February, it became known that JVCEA is considering relaxing the listing rules for new assets. It was reported that the review of the requirements was allegedly coordinated with the Financial Services Agency.

Earlier in October, it was reported that Japan’s authorities tighten the regulation of the cryptocurrency industry. The amendments will require companies to identify users, request the necessary information from them and provide data on demand.

In September, Nikkei reported new rules tightening the fight against the laundering of illicit funds through cryptocurrency in Japan.

In the summer, Parliament passed a bill that recognised stablecoins as digital money.

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