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Japan to Relax Cryptocurrency Listing Rules

Japan to Relax Cryptocurrency Listing RulesThe Japan Virtual and Crypto Assets Exchange Association (JVCEA) plans to allow crypto trading platforms to list coins without going through a lengthy screening process. “We hope the latest measure will help revitalize Japan’s crypto assets market,” said the vice chairman of the association. Relaxing Listing Rules for Cryptocurrencies The Japan Virtual and Crypto Assets […]

Japan to Relax Cryptocurrency Listing Rules

The Japan Virtual and Crypto Assets Exchange Association (JVCEA) plans to allow crypto trading platforms to list coins without going through a lengthy screening process. “We hope the latest measure will help revitalize Japan’s crypto assets market,” said the vice chairman of the association.

Relaxing Listing Rules for Cryptocurrencies

The Japan Virtual and Crypto Assets Exchange Association (JVCEA) is planning to loosen crypto listing rules to make it easier for trading platforms to list cryptocurrencies, Bloomberg reported Wednesday, citing a document it has seen.

The association plans to allow trading platforms to list crypto tokens without going through a lengthy screening process unless the tokens are new to Japan’s market. The relaxed rules could take effect as early as December, the publication conveyed, adding that the documents outlining the changes were recently distributed to member firms.

JVCEA Vice Chairman Genki Oda, who is also the CEO of cryptocurrency exchange Bitpoint Japan, confirmed the document to the publication. He believes that the JVCEA could also scrap pre-screenings for cryptocurrencies new to Japan and tokens issued through initial coin or exchange offerings by March 2024.

Oda noted:

We hope the latest measure will help revitalize Japan’s crypto assets market.

The JVCEA is a self-regulatory body that governs crypto exchanges operating in Japan. The organization works closely with Japan’s top financial regulator, the Financial Services Agency (FSA), to ensure its rules are in compliance with the country’s regulations. The group currently has 33 members who have started handling crypto assets, its website shows.

Oda said that over 50 cryptocurrencies are currently being traded in Japan partly due to quicker listing screenings, noting that fewer than half were traded about two years ago.

Under the JVCEA’s new rules, crypto exchanges will be able to list tokens within 30 days of reporting their listing plans and coin assessments. Trading platforms will be required to report events associated with listed coins, such as hard forks, to the JVCEA every three months.

The new rules expand on the “Greenlist” which the JVCEA introduced in April to allow exchanges to list the most common tokens faster. The association will monitor for any “inappropriate” crypto tokens and may ask member firms to stop offering them.

Binance is reportedly seeking a license to enter the Japanese crypto market after exiting it four years ago. The trading platform’s renewed interest in Japan is due to the Japanese government’s easing regulatory approach to crypto and substantial potential for user growth.

What do you think about Japan relaxing cryptocurrency listing rules? Let us know in the comments section below.

Source: Regulation Archives – Bitcoin News

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Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda

Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset AgendaAccording to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors. Commission to Promote ‘Sensible […]

Report: Nigerian Securities Regulator to Exclude Crypto in its Digital Asset Agenda

According to Lamido Yuguda, the director general of the Nigerian Securities and Exchange Commission, the regulator does not plan on including cryptocurrencies in its digital asset agenda. Yuguda reportedly said the commission will only change its stance on cryptos when Nigerian regulators agree on the standards to protect digital asset investors.

Commission to Promote ‘Sensible Digital Assets’

The Nigerian Securities and Exchange Commission (NSEC) said it will only include cryptocurrencies in its digital assets agenda when regulators finally agree on the standards to protect investors. The commission added that cryptocurrencies are currently excluded because the exchange platforms where such digital assets are traded are operating outside of the Nigerian banking system.

According to a Bloomberg report, the NSEC is keen on promoting what the institution’s director general Lamido Yuguda calls “sensible digital assets.” Yuguda explained:

The commission is in the business of protecting investors, not in the business of speculation.

In addition to promoting safer digital assets, the commission reportedly said it will explore blockchain’s use in advancing virtual and traditional investment products.

In May, the NSEC unveiled new rules governing the issuing of digital assets as well as the registration requirements for platforms that offer digital assets. At the time, some in the Nigerian crypto community believed the new rules applied to cryptocurrencies. While Yuguda admitted that cryptos are presently excluded, he did not rule out including them in the future.

“Any asset that is traded in the Nigerian capital market requires the joint approach of different regulators,” the director-general reportedly said.

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What are your thoughts on this story? Let us know what you think in the comments section below.

Source: Regulation Archives – Bitcoin News

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