Japanese crypto exchanges aim to catch up with coin listings: Report
Japanese cryptocurrency exchanges are reportedly moving to increase competition with foreign crypto trading platforms by planning to simplify the process of listing new cryptocurrencies.
The Japan Virtual and Crypto Assets Exchange Association (JVCEA), a self-regulatory body of 31 local crypto exchanges, is preparing to release a “green list” of 18 widely-accepted cryptocurrencies in late March, local news agency Nikkei reported on Tuesday.
The green list aims to spare Japanese crypto exchanges from having to screen cryptocurrencies with the JVCEA each time before listing coins on their trading platforms. The digital assets included in the green list will no longer be subject to screening, the JVCEA reportedly said in an online presentation.
The upcoming green list will feature some of the most-traded cryptocurrencies in Japan, including Bitcoin (BTC), Ether (ETH), XRP and Litecoin (LTC). According to the report, the conditions for being added to the green list include being listed on three exchanges in Japan, with at least one trading platform having to list that digital asset for at least six months.
The JVCEA’s latest initiative aims to provide crypto investors with more options to trade on regulated Japanese cryptocurrency exchanges. “Some industry executives said sophisticated traders have flocked to exchanges that do not have a license in Japan, such as Binance, partly due to the lack of options,” the report said.
According to the latest official list of traded coins on Binance, the crypto exchange supports more than 80 cryptocurrencies as of mid-March 2022. Coinbase, the United States’ largest crypto exchange that officially launched operations in Japan last year, has listed about 160 cryptocurrencies so far, according
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