Japan & Cryptocurrency
Japan’s Virtual and Crypto assets Exchange Association (JVCEA) is considering a change to the listing process for cryptocurrencies on local exchanges in the country. Currently, exchanges in Japan are required to undergo a lengthy screening process before they are allowed to list a cryptocurrency. This process involves a thorough review of the cryptocurrency and its underlying technology, as well as assessments of the risks and benefits of listing it.
However, the JVCEA, which is the self-regulatory body responsible for overseeing the operations of crypto exchanges in Japan, plans to allow exchanges to list crypto tokens without this strict review process if the coins have previously been traded in Japan. This means that if a cryptocurrency has already been traded on a Japanese exchange, it will not need to go through the same lengthy screening process in order to be listed on another exchange in the country.
While this change is expected to make it easier for exchanges to list cryptocurrencies, it is important to note that new crypto tokens entering the Japanese market will still be subject to examination. This means that any new cryptocurrency seeking to be listed on a Japanese exchange will still need to go through a review process in order to ensure that it meets the necessary standards and regulations.
Overall, this move by the JVCEA is seen as a positive step for the crypto industry in Japan, as it may help to lower the entry barrier for smaller crypto businesses and encourage more widespread adoption of cryptocurrencies in the country.
The easing of Japan’s cryptocurrency listing process, which is being considered by the country’s Virtual and Crypto assets Exchange Association (JVCEA), is expected to take place as early as December. This change would allow local crypto exchanges to list cryptocurrencies without the current lengthy screening process, provided that the coins have previously been traded in Japan. New crypto tokens entering the Japanese market would still be subject to examination.
According to an internal document, the JVCEA’s vice chairman, Genki Oda, stated that the governing body could dispose of the screening process entirely by March 2024. This move may help lower the entry barrier for smaller crypto businesses in Japan, which currently has around 50 kinds of cryptocurrencies being traded due to its stringent listing process. In comparison, neighboring South Korea has approximately 650 kinds of coins in its crypto market.
The potential easing of Japan’s cryptocurrency listing process is seen as a positive step for the industry, as it may encourage more widespread adoption of cryptocurrencies in the country. It may also help to level the playing field for smaller crypto businesses, which may have previously struggled to meet the requirements of the current screening process. Overall, this news is expected to be welcomed by the crypto community in Japan.
The decision by Japan’s Virtual and Crypto assets Exchange Association (JVCEA) to ease its listing process for cryptocurrencies on local exchanges comes as the country’s Prime Minister, Fumio Kishida, has shown support for digital finance and Web3 adoption. Kishida recently announced further investments in growing the non-fungible token (NFT) and metaverse industry, and has included crypto in his plans to reinvigorate the economy, dubbed the “new capitalism.” This demonstrates a favorable stance towards the crypto industry by the Japanese government.
In addition to Kishida’s support for the industry, Japan’s financial regulator and economy ministry are reportedly considering the loosening of taxation on crypto gains in its 2023 tax reform. This would be a further positive step for the crypto industry in Japan, as it may encourage more widespread adoption and investment in cryptocurrencies.
Overall, the JVCEA’s decision to ease its listing process, combined with the government’s supportive stance towards the crypto industry and potential changes to taxation, demonstrates Japan’s increasingly favorable attitude towards the industry. These developments are likely to be welcomed by the crypto community in Japan and may help to drive growth and innovation in the sector.
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