Local exchanges can now list existing virtual coins without going through a pre-screening process.
Japan to further relax its crypto regulations
Japanese regulators have begun relaxing domestic crypto rules by allowing crypto exchanges to list their tokens without prior review. The move comes at a time when the Asian country plans to further liberalize its industry.
The body that oversees Japan’s cryptocurrency exchanges informed its members of the new ruling on Wednesday, according to documents seen by Bloomberg. It is known to be effective immediately, allowing exchanges to list their tokens without prior review. However, this only works for existing crypto assets. New tokens in the Japanese market still have to undergo a pre-screening process.
In March, the Japan Virtual Crypto Asset Exchange Association (JVCEA) unveiled a “green list” containing 18 widely accepted tokens. Assets on this list may be excluded from pre-screening.
Additionally, Japan’s Financial Services Agency (FSA) plans to lift the ban on foreign-issued stablecoins by 2023. This means that once the ban is lifted, local exchanges will be able to offer trading in stablecoins like USDT and USDC.
Japan’s latest move came as quite a surprise as many countries are looking to tighten their crypto regulations in the wake of FTX. Prime Minister Fumio Kishida’s plan to establish a
Kishida has made the growth of the Web3 market part of his economic policy and is likely to change the corporate tax next year to support crypto entrepreneurs entered the Japanese market by acquiring bitcoin from
With crypto-friendly policies on the rise, it’s only a matter of time before Japan becomes the next Web3 hub. Until then, there are still many things to do in the East Asian country.
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