Japan to publish a whitelist of cryptocurrencies for local exchange listings

The Japanese Virtual Currency Exchange Association (JVCEA) is expected to publish a list of 18 cryptocurrencies by the end of March that local platforms will be able to add to listings without prior review. Nikkei reports.

It is expected to include Bitcoin, Ethereum, Ripple and Litecoin. The condition for including an asset in the list is that it has listings on at least three platforms, with at least six months of trading history on at least one of them.

The initiative aims to simplify adding cryptocurrencies to the list of tradable instruments and to boost the competitiveness of Japanese bitcoin exchanges on the international stage.

“Experienced traders have rushed to overseas platforms, such as Binance, partly due to the limited number of tradable instruments,” the report said.

The agency notes that all Japanese platforms list no more than 40 cryptocurrencies, while on Binance that number is twice as high, and on Coinbase four times higher. The largest in the country, GMO Coin and BitFlyer, added 20 and 15 assets to their listings respectively.

In October 2018, JVCEA was granted the status of a self-regulatory organisation. FSA empowered the Association to develop rules for the local cryptocurrency industry, including measures to prevent insider trading, combat money laundering and protect assets. The JVCEA comprises 31 organisations.

As Bloomberg reported in February 2022, JVCEA, in coordination with the FSA, began studying the possibility of easing the listing of new assets.

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