Japanese crypto exchanges aim to catch up with coin listings: Report

Japanese cryptocurrency exchanges are reportedly moving to summation contention with overseas crypto trading platforms by readying to simplify the process of listing caller cryptocurrencies.

The Japan Virtual and Crypto Assets Exchange Association (JVCEA), a self-regulatory assemblage of 31 section crypto exchanges, is preparing to merchandise a “green list” of 18 widely-accepted cryptocurrencies successful precocious March, section quality bureau Nikkei reported connected Tuesday.

The greenish database aims to spare Japanese crypto exchanges from having to surface cryptocurrencies with the JVCEA each clip earlier listing coins connected their trading platforms. The integer assets included successful the greenish database volition nary longer beryllium taxable to screening, the JVCEA reportedly said successful an online presentation.

The upcoming greenish database volition diagnostic immoderate of the most-traded cryptocurrencies successful Japan, including Bitcoin (BTC), Ether (ETH), XRP and Litecoin (LTC). According to the report, the conditions for being added to the greenish database see being listed connected 3 exchanges successful Japan, with astatine slightest 1 trading level having to database that integer plus for astatine slightest six months.

The JVCEA’s latest inaugural aims to supply crypto investors with much options to commercialized connected regulated Japanese cryptocurrency exchanges. “Some manufacture executives said blase traders person flocked to exchanges that bash not person a licence successful Japan, specified arsenic Binance, partially owed to the deficiency of options,” the study said.

According to the latest authoritative database of traded coins connected Binance, the crypto speech supports much than 80 cryptocurrencies arsenic of mid-March 2022. Coinbase, the United States’ largest crypto speech that officially launched operations successful Japan past year, has listed astir 160 cryptocurrencies truthful far, according to its authoritative website.

In contrast, Japanese crypto exchanges person collectively listed lone astir 40 cryptocurrencies truthful far, according to Nikkei. GMO Coin crypto speech is the largest Japanese crypto speech successful presumption of supported coins, handling 20 cryptocurrencies, a JVCEA authoritative reportedly said.

BitFlyer, 1 of the largest crypto exchanges successful Japan, was trading lone 5 cryptocurrencies arsenic of Tuesday morning, according to information from CoinGecko.

Related: Japanese authorities considers relaxing strict coin listing rules

As antecedently reported, the JVCEA was established backmost successful March 2018 arsenic a self-regulatory assemblage pursuing a bid of hacking incidents that triggered aggravated scrutiny from regulators.

In February, the JVCEA complained that Japan’s strict screening rules were importantly impeding the $1 trillion Japanese crypto manufacture from growing.