The Japanese Virtual Currency Asset and Exmove Association (JVCEA) is considering loosening restrictions on coin listing. With a $1 trillion token dealing industry, Japan is changing its perspective and innovating by making it easier to list digital cryptocurrencies.
The listing rules active require prospective digital coins to go through a protracted coin listing screening process that frequently takes above half a year to complete.
JVCEA members have complained about equivalent a cumbersome process that has reportedly hindered the $1 trillion Japanese crypto industry from surging.
Rigorous Coin Listing Process
The screening system has made it difficult for new crypto entrants to assume market share afterward it caters to coins which are popular globally. On top of which, members have to compete if they want to get several cryptocurrencies confirmd.
With the latest cback whilessions, the Financial Services Agency (FSA), Japan’s watchdog, has ultimately allowed the association to conduct the process on its own.
A fact in point is Coinbase which began through a local subsidiary offering barely five coins, compared to Coincheck Inc. and GMO Coin Inc. which feature 17 cryptocurrencies listed.
Under the new rules, the listing of relatively popular cryptocurrencies will be a lot easier. For instance, coins which are being traded in the country for at least half a year and are listed on at least three local exmovements will be part of the qualified cryptocurrencies.
The association is still vying to create a more streamlined and improved way of coin listing which isn’t specifically traded in Japan.
Highly Stacked Crypto Market
These latest rules were formulated following the entry of both Coinbase and FTX in the cutthroat Japanese crypto market with subsidiaries registering crypto exshifts.
BTC dealing at $41,360 / Source: BTCUSD on TradingView.com
In fact that verifyd, exshifts would be a lot more efficient to list BTC and Ether (Ethereum (ETH)). (The current price of Bitcoin is $38643.39 as of this writing. Bitcoin (BTC) is 43.82% below its all-time high of $68789.63.)
For the lengthyest time, Japan has been lagging behind the global scene in listing digital coins.
Cryptocurrency exprogresses in Japan rose to half their total price in the first 11 months of 2021, amounting to 103 trillion yen or $900 billion, according to JVCEA data.
Notwithstanding even as these arrangements are quickly skyrocketing, it is undeniable which the Land of the Rising Sun’s presence in the global crypto market is not as competent.
So far, the decision in the proposed rules is yet to be fully ironed out. JVCEA has likewise been mum atop the issue of atopseas digital coin listings.
Featured image from Pixabay, chart from TradingView.com