- Several hacking events in March 2018 led to the formation of the JVCEA.
- Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC) will be included.
In order to compete with global crypto trading platforms, Japanese cryptocurrency exchanges are allegedly trying to streamline the listing procedure for new cryptocurrencies. In late March, the Japan Virtual and Crypto Assets Exchange Association (JVCEA), a self-regulatory group of 31 local crypto exchanges, is expected to announce a “green list” of 18 widely-accepted cryptocurrencies.
No Longer Subject to Review
As a result, Japanese crypto exchanges will not have to screen new coins with the JVCEA every time they want to publish them on their platforms. Furthermore, the JVCEA allegedly said in an online presentation that the digital assets on the green list would no longer be subject to review.
Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC) will be included in the future green list. According to reports, a digital asset must have been listed on three Japanese exchanges for at least six months before it can be added to the green list.
According to the exchange’s official list of traded coins, more than 80 cryptocurrencies are supported by Binance as of mid-March 2022. According to Coinbase’s official website, the biggest crypto exchange in the United States has listed roughly 160 different cryptocurrencies since its operating in Japan last year.
According to Nikkei, just 40 coins have been listed on Japanese crypto exchanges. JVCEA officials allegedly indicated that GMO Coin is the biggest Japanese crypto exchange by supported currencies and processing 20 cryptocurrencies. Several hacking events in March 2018 sparked a significant investigation from authorities, which led to the formation of the JVCEA. Earlier this year, the Japan Virtual Currency Exchange Association (JVCEA) warned that Japan’s rigorous screening requirements prevented the $1 trillion Japanese crypto business from developing.
