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Japan is planning to implement a green list of tokens for smooth crypto listing

JVCEA, Japan plans to produce a green list of crypto tokens to make the system of listing new cryptocurrencies smoother. The goal is to keep up with global crypto trading platforms while also increasing the number of Japanese investors.

Green list of tokens in Japan

By the end of March 2022, the Japan Virtual and Crypto Assets Exchange Association (JVCEA) plans to provide a “green list” of cryptocurrencies. Previously, each exchange that wanted to offer a currency had to go through a screening process. To be listed, digital assets that fall on the green list will no longer need to be screened. This move will make the process of listing cryptocurrencies easier in Japan.

Need of Green Tokens

As of now, there are only 40 cryptocurrencies that have been listed on Japanese exchanges. On the other hand, some of the crypto platforms like Coinbase alone have over 150 listed coins. According to the information, more than 80 applications were still awaiting approval because of the lengthy procedure that the exchangers had to go through. Even commonly used tokens like Bitcoin as well as Ethereum suffer from the same problems. Many traders rushed to exchanges like Binance, according to industry officials, partially owing to a lack of choices.

Impact of Green list

This move by JVCEA will potentially increase the number of coins listed in the nation, which will encourage cryptocurrency acceptance. As a consequence of the new plan, JVCEA will be able to devote more resources to certifying new cryptocurrencies, initial coin offers as well as initial exchange offerings.

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