One of the major supporting countries for cryptocurrency and blockchain is Japan. Undoubtedly, crypto currency and blockchain are huge topics there. Hence, it doesn’t come off as a big surprise that Japan has taken it upon itself to ensure that crypto listing should be made easier than it already is in the country. According to the best news site for cryptocurrency, here are some new rules being passed in the Japanese government and upon the successful implantation of such rules, it would definitely make the process of listing the cryptocurrencies for the exchanges really easy.
In the present time, the screening process is pretty tedious and time-taking for the listing of crypto. The Government of Japan is starting to pass certain rules that would make this process easier and have fewer complications. There is a proposal in the Government of Japan to make the process easier for different crypto exchanges that have been properly registered to list the digital assets in the trading market related to local retail in Japan.
According to some sources, if these rules are successfully passed then the cryptocurrency exchanges that tend to have their registrations with the FSA or the Financial Services Agency in Japan will be allowed to effectively list different assets without actually going through the entire lengthy and complicated process of screening. This comes off as a piece of pretty good news for the crypto exchanges since these rules could potentially improve the entire process of crypto listing in the most efficient and effective manner.
Final Decision on the Change of Rules is Still Awaited
The digital assets that have already been effectively listed for a period of 6 months in about 3 domestic crypto exchanges will automatically be exempted from the detailed process of screening. For instance, the crypto exchanges that list old cryptocurrencies such as Ethereum and Bitcoin will have no issues with the process of screening since they will be exempted from it altogether.
However, the final decision on the passing of the rule is yet to be announced. The listing rules that are currently in action in Japan tend to require the coins and prospective digital assets to go through a rigorous process of screening. The total time period for the screening might go up to about 6 months and even more. The members who are a part of the JVCEA or the Japan Virtual and Crypto Exchange Association have registered a particular complaint against this stringy and lengthy process. But still, there is some time to reveal the current final decision that might have the potential to change the cryptocurrency market in Japan.
The members have made the argument that the long process of screening has an effect on the value of cryptocurrency and hence should be shortened by at least a few months. They have also made it pretty clear that due to this process, the crypto industry in Japan is failing to go up to its true level.
There are certain exchanges such as GMA Coin and Coincheck that have listed about 17 different types of crypto coins each. Hence, they are known to be the biggest names in the list of cryptocurrency exchanges, going by the listings that they have. There has been a decrease in the number of exchanges that exist in Japan. Also, these exchanges tend to lag behind a lot from other top exchanges like Binance and Coinbase. So, there is no better time than this to introduce these new rules of shortening the process of screening since it will be able to provide a competitive edge to the exchanges in Japan and make them a part of the crypto exchanges group that is constantly growing in the best way.