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Gungun Bhatia
Oct 19, 2022
by Gungun Bhatia

Japan to Further Relax Crypto Rules by Easing Listings of Tokens

Japan

Table of contents

  1. Currency Screening to be Eliminated by 2024
  2. Japanese Gaming Giant Konami to Launch Web3
The Japanese cryptocurrency authority intends to ease restrictions on the listing of coins and tokens. Presently the approval of the Japan Virtual and Crypto Assets Exchange Association (JVCEA) is needed to list coins and tokens on cryptocurrency exchanges. Furthermore, Japan's regulatory framework permits trading in little over 50 crypto assets.

Documents obtained by news sources indicate that the JVCEA intends to let exchanges list tokens without requiring them to undergo this drawn-out procedure. Furthermore, it stated that the paperwork had already been delivered to member businesses and that the relaxed regulations could enter into force in December.

Currency Screening to be Eliminated by 2024

Genki Oda, vice chairman of the JVCEA, acknowledged these records., while stating that pre-screenings for ICO-issued tokens and new Japanese currency might be eliminated by March 2024.

Oda stated that once the JVCEA's proposed action to loosen token screening is implemented, exchanges should be allowed to list tokens within 30 days of submitting their listing strategy and coin evaluations, reduced to within two weeks starting in April.

The regulatory easing follows recent developments in the nation's cryptocurrency market. A web3 developer platform recently received $15.5 million to expand to Japan, noting the country's regulatory simplicity. Following the June debut of services for its Japanese consumers by rival company FTX, Binance is reportedly also applying for a license there.

Japanese Gaming Giant Konami to Launch Web3

Recently, Leading Japanese video game developer Konami has declared plans to launch a market for trading in-game NFTs and a "wide spectrum" of other Web3-related products and services. According to Konami, the media giant is actively recruiting new workers and searching for a wide array of competence for system architecture and service innovations to generate new experiences like Web3 and Metaverse.

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Crypto Assets token Japan cryptocurrency news Japan Virtual and Crypto assets Exchange Association (JVCEA) Genki Oda
Japan to Further Relax Crypto Rules by Easing Listings of Tokens
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

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