Japanese Crypto Exchanges Want to Ditch Restricting Token Listing Protocols
Japanese crypto exchanges appear determined to take advantage of favorable political winds and expand the range of coins they trade on their platforms – although the national financial regulator has indicated that it will not let them have the final say on the matter.
As previously reported, the self-governing 31-member Japan Virtual and Cryptoassets Exchange Association (JVCEA) said it wanted to “streamline” the listing process for its exchange members. The body has already formulated an 18-coin strong “green list” of what it called “popular cryptocurrencies.”
At present, most crypto exchanges in Japan offer a very small selection of coins – sometimes fewer than 10. The listing process is currently painfully slow and can take months to complete – requiring copious documentation and hearings, even in cases where rival exchanges have already listed the same coin.
As Prime Minister Fumio Kishida has indicated that he is inclined to create a more crypto-friendly environment to spark a Web 3-related economic growth, the JVCEA now appears to feel the time is right to push ahead with the next stage of its plans, Bloomberg reported.
The media outlet added that the JVCEA may go a step further than creating a green list, and that it now wants to do away with the entire screening process.
Quoting unnamed sources close to the discussions, the media outlet writes that the self-regulatory body “would focus on policing the assets once they are listed instead of being involved in the listing process.”
The body also reportedly wants to examine the possibility of creating a protocol whereby the JVCEA could oblige its members to delist coins should problems crop up further down the line.
But the regulatory Financial Services Agency (FSA) appears
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