Japan Proceeds to Ease Crypto Token Listings Despite FTX Crash
Local exchanges can now list existing virtual coins without going through a pre-screening process.
Japan to further relax its crypto regulations
Based on a recent report, Japanese regulators have started to ease crypto rules by allowing crypto exchanges in Japan to list tokens without pre-screening. The move comes at a time when the Asian country plans to liberalize the industry further.
According to documents seen by Bloomberg, the organization that oversees crypto exchanges in Japan told its members about the new ruling on Wednesday. It is known to be effective immediately, allowing exchanges to list tokens without pre-screening. However, this is only valid for existing crypto assets. New tokens in the Japanese market will still have to undergo a pre-screening process.
In March, the Japan Virtual and Crypto Assets Exchange Association (JVCEA) revealed a "green list" that contains 18 widely accepted tokens. It is likely that assets from this list are exempted from pre-screening.
Besides that, Japan's Financial Services Agency (FSA) will also lift the ban on the distribution of foreign-issued stablecoin by 2023. This means local exchanges can offer trading in stablecoins like USDT or USDC once the ban is removed.
The latest measures from Japan have been quite surprising, as many countries seek to tighten crypto regulations instead after FTX's fallout. Despite the recent happenings in crypto, Prime Minister Fumio Kishida's plans to establish Japan as a crypto hub remain intact.
Kishida has made growing the Web3 market a part of his economic policy and is likely to change corporate taxes next year to help crypto entrepreneurs. Crypto giant Binance has also entered the Japanese market lately by acquiring Sakura Exchange BitCoin.
With a growing number of crypto-friendly policies, it's just a matter of time before Japan becomes the next Web3 hub. Until then, there is still so much to be done in the East Asia country.