The Japanese industry group that regulates cryptocurrency exchanges is considering loosening limitations on new token listings.
According to Bloomberg, which cited people familiar with the situation, crypto exchanges will be permitted to list more than a dozen tokens at once under the proposed new rules. The present screening process can take up to six months.
Token listings for crypto exchanges are approved by the Japanese Virtual Currency Asset and Exchange Association (JVCEA). Japan’s financial regulator, the Financial Services Agency (FSA), has given the association permission to handle the process on its behalf. If new entrants wish to get a large number of tokens approved, the current structure makes it difficult for them to compete with incumbents.
JVCEA members have complained that the lengthy process, which applies even to globally popular coins, is hampering the industry’s growth. According to the report, the FSA has also directed the self-governing body to clarify its approval process.
The new guidelines will aim to make it easier to list popular currencies. According to Bloomberg, tokens that have been traded in Japan for at least six months and are listed on at least three local exchanges will be eligible. The organisation is also looking into ways to strengthen its approval process for coins that aren’t exchanged in Japan.
That’s all from Japan for now.
