Suppose the revision of the regulation is approved. In that case, it will simplify domestic exchanges to add more cryptocurrencies without having to go through a lengthy screening procedure for crypto coin listing.
According to media reports, the Japanese government is mulling a plan that would make it simpler for regulated cryptocurrency list exchanges to offer digital assets in the country's retail trading market.
According to sources cited by Bloomberg, if the proposed regulations are approved, exchanges that have registered with the Financial Services Agency (FSA) would be allowed to offer some assets without going through a long screening procedure.
Exemptions from extra screening would be granted to cryptocurrencies that have been listed on nft coin listing on at least three domestic exchanges for more than six months. If the plan is approved, it will simplify exchanges to offer cryptocurrencies list such as Bitcoin (BTC) and Ether (ETH). Although a final decision on the rule modification has not yet been reached,
Current listing regulations need that potential coins go through a rigorous screening procedure, which may take up to six months to complete in certain cases. In a recent letter to the Japanese government, members of the Japan Virtual and Crypto Exchange Association (JVCEA) expressed their dissatisfaction with the tight screening procedure, which they claim has prevented the $1 trillion Japanese nft coin list from developing significantly.
It has been reported that members of the JVCEA have claimed that modifying the present laws to allow for more expeditious processing might promote Japanese participation in the global crypto coin listing markets.
As of right present, Coincheck and GMO Coin both have 17 currencies listed on their platforms, making them the largest exchanges in Japan in terms of the number of coins listed. However, Japanese exchanges have fallen considerably behind the competition compared to worldwide exchanges, including platforms like Coinbase and Binance, which have hundreds of currencies listed.
Interestingly, the new laws come at an intriguing moment since both Coinbase and FTX have joined the highly competitive Japanese crypto coin listing sector via subsidiaries registered as cryptocurrency exchanges.
On Wednesday, Sam Bankman-FTX Fried's new coin list exchange announced the acquisition of Liquid Group, the Japanese-registered Quoine cryptocurrency exchange operator, for an undisclosed sum. Quoine will ultimately "integrate FTX's current goods and services into its own offerings," according to the company's website.
Coinbase announced a partnership with Mitsubishi UFJ Financial Group (MUFG) in August to open a branch of its new coin list exchange in Tokyo. The relationship with MUFG gives customers a fiat on-ramp and off-ramp due to the collaboration.