September 29, 2022

Japan will introduce a whitelist of cryptocurrencies for listing on local exchanges

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The Japan Virtual Currency Exchange Association (JVCEA) will publish a list of 18 cryptocurrencies by the end of March that local platforms can list without prior verification. The Nikkei writes about it.

It is expected that Bitcoin, Ethereum, Ripple and Litecoin will appear in it. The condition for an asset to be included in the list is the presence of a listing on at least three platforms with a six-month trading history on at least one of them.

The initiative aims to make it easier to add cryptocurrencies to the list of tradable instruments and increase the competitiveness of Japanese bitcoin exchanges in the international arena.

The agency notes that no more than 40 cryptocurrencies are represented on all Japanese sites, while this number is twice as high on Binance, and four times higher on Coinbase. On the country’s largest GMO Coin and BitFlyer, 20 and 15 assets were added to the listing, respectively.

In October 2018, JVCEA received the status of a self-regulatory organization. The FSA has empowered the Association to develop regulations for the local cryptocurrency industry, including measures to prevent insider trading, combat money laundering and protect assets. JVCEA members are 31 organizations.

Recall that in February 2022, Bloomberg reported that JVCEA, in agreement with the FSA, began to study the possibility of facilitating the listing of new assets.

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