Japan Eases Crypto Token Listing Rules

 

Japan’s cryptocurrency regulator is continuing to relax crypto rules in the country, making it easier for virtual coins to be listed. In addition, this will allow crypto exchanges like Binance to gain licenses more easily in the country. These moves come after Prime Minister Fumio Kishida has made a concentrated effort to ease up on cryptocurrency regulations for the purpose of strengthening Japan’s economy.

The Japan Virtual and Crypto Assets Exchange Association (JVCEA) is set to allow the listing of virtual coins without having to go through an elongated screening process, as Bloomberg reported on October 19. Although tokens new to the Japanese market need to undergo a complete process for listing, the eased rule could come into effect in December.

Making the listing process simpler will not only help startups compete with bigger crypto companies, but also make it easier for foreign companies and exchanges like Binance to enter the market, as per documents given to firms.

The Vice Chairman of the JVCEA, Genki Oda, said that by 2024 tokens wouldn’t have to go through pre-screening in order to be listed on exchanges in foreign countries. He also commented on how rules will be eased for ICOs and IEOs.

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

After four years in the crypto game, Binance is finally looking to enter the Japanese market. FTX, however, isn’t too far behind after it gained a license to provide similar services for its own Japanese clientele back in June.

Japan’s Prime Minister Fushio Kishida expressed disapproval of the country’s current cryptocurrency regulations, which he finds to be too strict. He wants to reduce the amount of time and money needed for foreign companies to list their cryptocurrencies on Japanese exchanges, as well as lessening the tax burden and regulatory requirements placed upon these businesses. It is predicted that more lenient crypto rules will go into effect in 2023.

The Nippon Individual Savings Account (NISA), a tax break initiative for retail investors, was proposed by the Financial Services Agency (FSA).

In order to bolster economic growth in Japan, Prime Minister Kishida takes interest in utilizing Web3 technologies. This includes pushing for blockchain, non-fungible tokens (NFTs), and metaverse adoption.