Japan mulls change to ease crypto trading rules
Japan’s Virtual and Crypto assets Exchange Association (JVCEA), the body that governs Japan’s cryptocurrency market, is considering making it easier to list digital tokens
The existing rules make it harder for new entrants to gain market share with a lengthy screening process resulting in fewer token listings
Under the potential new system, crypto exchanges would be allowed to list more than a dozen coins in one go with a new, simplified screening process
JVCEA plans to ease crypto trading rules to allow exchanges to list a greater number of digital coins without a lengthy screening process.
Under the new rules currently being considered, crypto exchanges would be allowed to list more than a dozen coins at once without the need for a drawn-out screening process.
Until recently, the process would take upwards of six months for just one coin to be screened. As a result large exchanges such as Coinbase, which started trading in Japan in August, offers just five coins, compared with more than 100 in the U.S.
These new rules have come into discussion as cryptocurrency transactions over exchanges in Japan increased by 51% in the first months of last year to 103 trillion yen ($900 billion), based on JVCEA data.
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