The industry association JVCEA is in charge of approving the lists of tokens on crypto exchanges in Japan.
The Japan Virtual Currency Assets and Exchange Association (JVCEA), the Japanese industry body that sets the rules for cryptocurrency exchanges, is considering establishing fewer restrictions about the inclusion of new tokens. so reported Bloomberg today, as well as Coindesk.
Under the proposed new rules, the exchanges of cryptocurrencies will be able to list more than a dozen tokens at a time, He said Bloomberg, citing people familiar with the matter. .
List many cryptos at once
The agency governs the Japanese market for almost a billion dollars for cryptocurrency trading. Under new rules being considered by the industry’s self-regulatory body, cryptocurrency exchanges would be allowed list more than a dozen coins in one go without a lengthy selection processthey told Bloomberg people who asked not to be identified. Until recently, any listing of chips had to go through an evaluation that took six months or more, they said.
For example, Coinbase, which began marketing services in Japan in August through a local subsidiary, offers only five currencies there, compared to more than 100 in the US. Coincheck Inc. headquartered in Tokyo and GMO Coin Inc., which were founded in 2012 and 2016 respectively, have the largest list with 17 tokens.
It is worth noting that still being considered. No final decision has been made on whether the rules will be changed, the people said.
JVCEA is responsible
The Japan Virtual Currency Assets and Exchange Association (JVCEA) it is responsible for approving token listings for that nation’s cryptocurrency exchanges. The Financial Services Agency (FSA), Japan’s regulator, has allowed the association to carry out the process on its behalf. According to the media, the existing system makes it harder for new entrants to compete with incumbents if they want a lot of tokens approved.
The members of JVCEA have complained that the cumbersome process, which even applies to currencies that are popular around the world, is limiting the growth of the industry, it reported. Bloomberg. The FSA has also instructed the autonomous body to clarify its approval process, according to the report.
However, the new rules will seek to facilitate the list of popular coins. Tokens that have been traded in Japan for more than six months and are listed on at least three local exchanges will qualify, reported Bloomberg. The association is also looking at how it can improve its approval process for coins that are not traded in Japan.
The JCVEA this “working… to further refine the evaluation of cryptocurrencies”said the president of the association, Satoshi Hasuo, on January 1 this year. The JVCEA is also expected to introduce new requirements for cryptocurrency transfers in April 2022 to enforce the Travel Rule of the Action Group, FATF, which requires customer data to be associated with any transaction, according to a memo from the FSA.
As for the exchanges in Japan, it is worth remembering that Coinbase was launched in the country in August 2021 associated with Mitsubishi. On the other hand, the Asian nation was one of those that fenced Binance last year.
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