February 3, 2022
The Japanese Virtual Currency Asset and Exchange Association (JVCEA) governs Japan’s ~$1 trillion cryptocurrency market is considering processes to make it easier to list digital tokens.
Here’s what we know:
- The existing system makes it harder for new entrants in the marketplace to gain a share by offering a wider selection of tokens as the screening takes six months or longer. The lengthy and cumbersome process also applies to large coins that are popular globally.
- In separate interviews with Bloomberg, members of JVCEA have said that this onerous treatment holds back the industry’s growth. However, in September 2021 the association held a closed meeting after which they announced that they would make the process more efficient for screening tokens.
- Under the proposed rules, crypto exchanges would be allowed to list popular, widely traded tokens without the need to undergo a lengthy review process. In an interview with Bloomberg, members of the JVCEA, maintaining anonymity, said that the coins that have been around for six months or more and traded on at least three local exchanges would qualify.
- At present, there are about 15 such currencies including Bitcoin and Ether. In an official report, Satoshi Hasuo, the association’s chairman said that they are “working … to further refine cryptocurrency assessment.”
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.