- New crypto entrants have had a tough time gaining a foothold in the market.
- Getting several tokens accepted requires members to compete with one another.
The Japanese Virtual Currency Asset and Exchange Association (JVCEA) might ease Restrictions on coin listing. Japan is altering its attitude and innovating by making it simpler to issue digital tokens in the wake of a $1 trillion cryptocurrency trading market.
The current listing restrictions need a time-consuming coin listing screening procedure that may take upwards of six months to complete. According to reports, the $1 trillion Japanese crypto business has been hampered from expanding due to the lengthy procedure that JVCEA members have complained about.
New crypto entrants have had a tough time gaining a foothold in the market due to the screening system’s focus on widely used currencies. Getting several tokens accepted requires members to compete with one another.
Huge Boost to Moderately Popular Coins
Financial Services Agency (FSA) has now relented and permitted the association to execute the procedure independently with these recent concessions. Coinbase, for example, started as a local subsidiary selling only five tokens, while Coincheck Inc. and GMO Coin Inc. contain 17 tokens on their respective exchange platforms.
The new regulations will make it much simpler to list moderately popular tokens. If a cryptocurrency has been traded for at least six months and is listed on three local exchanges, it is considered a qualified token.
However, the organization is still working to simplify and enhance the listing of non-Japanese traded coins. These laws were put in place after Coinbase and FTX’s subsidiaries into the Japanese crypto sector, which has become more competitive.
