The Japan Cryptocurrency Exchange Association (JVCEA) plans to greatly simplify the process of listing tokens on local trading platforms.
At the moment, any cryptocurrency exchange officially operating in the Japanese market, when listing a coin or token, must submit an application to the JVCEA to verify that the token complies with the laws. This is a rather lengthy and laborious process, so the choice of trading pairs on most Japanese cryptocurrency platforms is extremely small. The regulator allowed only a little more than 50 types of crypto assets to be traded in Japan.
Simplified rules for listing tokens on cryptocurrency exchanges in Japan may come into force as early as early December. The Vice Chairman of the Genki Oda Association confirmed that the relevant documents are ready and the necessary recommendations have been sent to local cryptocurrency exchanges.
After the entry into force of the new rules, cryptocurrency platforms will be able to list the token within 30 days after submitting an application to the JVCEA. And from April, the deadline is planned to be reduced to two weeks.
In the future, according to Oda, the Japanese cryptocurrency regulator wants to completely abandon the preliminary verification of tokens, however, only those that are launched by local issuers. The rules should come into effect by March 2024. In addition, tokens issued as part of the ICO can get rid of the preliminary assessment.
At the beginning of the year, it was reported that the JVCEA has simplified the process of listing cryptocurrencies for local exchanges.
Source: Bits
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