Japan's Crypto-Exchanges Body Considers Easing Rules for Token Listings: Report

The Japanese manufacture assemblage that makes rules for crypto exchanges is considering easing restrictions connected listing caller tokens, Bloomberg reported connected Wednesday.

• Under the projected caller rules, crypto exchanges volition beryllium capable to database much than a twelve tokens astatine once, Bloomberg said, citing radical acquainted with the matter. The existent screening process takes six months oregon more.

• The Japanese Virtual Currency Asset and Exchange Association (JVCEA) is responsible for approving token listings for crypto exchanges. The Financial Services Agency (FSA), Japan's regulator, has allowed the relation to tally the process connected its behalf. The existing strategy makes it harder for caller entrants to vie with incumbents if they privation to get galore tokens approved.

• JVCEA members person complained that the cumbersome process, which adjacent applies to coins that are globally popular, is limiting the industry's growth, Bloomberg reported. Τhe FSA has besides instructed the self-governing assemblage to clarify its support process, according to the report.

• The caller rules volition look to marque the listing of fashionable coins easier. Tokens that person been traded successful Japan for implicit six months and are listed connected astatine slightest 3 section exchanges volition qualify, Bloomberg reported. The relation is besides looking astatine however it tin amended its support process for coins that are not traded successful Japan.

• The JCVEA is "working … to further refine cryptocurrency assessment,” the association's president Satoshi Hasuo said connected Jan. 1.

• The JVCEA is besides expected to present caller requirements for crypto transfers by April 2022 to enforce the Financial Action Task Force's Travel Rule, which requires lawsuit information to beryllium associated with immoderate transaction, according to an FSA memo.