The Japan Virtual and Crypto Assets Exchange Association (JVCEA), the organisation in charge of crypto exchanges, said on June 8 that Prime Minister Fumio Kishida’s administration was disappointed with the present framework.
Last month, the prime minister’s cabinet panel criticised the coin listing process, stating “the certified self-regulatory organisation tends to spend a long time pre-screening” crypto assets and that it would “ease the requirements while being mindful of the need to safeguard users.”
According to reports, the regulating board considered whether local exchanges could offer cryptocurrencies without going through a screening process.
It will focus on analysing assets after they have been listed, rather than screening them before listing. This includes deciding whether exchanges should delist assets once they have begun trading.
The approach will be chosen before the end of the year, and it should result in a rather major shift in how exchanges function.
Liberalization of the rules might benefit international exchanges like Coinbase, which have a better understanding of tokens than local firms.
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