Japan to Relax Crypto Listing Procedures by December

• Japan encourages startups to compete with big companies.
• Japan’s crypto regulator hopes to attract more firms by simplifying the listing process.
• The new rules could be implemented as early as December 2022.

Japan’s crypto regulator wants to attract startups and let them compete with established firms by easing listing requirements for virtual coins, according to a report by Bloomberg.

The regulator wants to make it simpler for crypto bourses to assess token listings, and new rules may go into force in December.

The Japan Virtual and Crypto assets Exchange Association also hopes this move will encourage institutional investors to get on board with the crypto market. It is estimated that the market is currently worth $200 billion and is predicted to grow to $600 billion by 2027.

The Japan Virtual and Crypto assets Exchange Association, the nation’s crypto regulator, wants to entice more crypto companies by simplifying the listing process.

According to documents, the new, more lenient regulations might go into place as soon as December 2022.

By making it more straightforward for them to access the market and reduce the review procedure for listing virtual coins, the move hopes to assist crypto startups in competing with sector leaders.

This covers only crypto that are already established in the Japanese market.

According to Genki Oda, the Vice Chairman of Remixpoint Inc., the regulator may even decide to stop pre-screening cryptocurrencies released through initial coin offers (ICOs) and tokens that are new to the Japanese market as of March 2024. Oda added, “We hope the latest measure will help revitalize Japan’s crypto assets market.”

Binance is also seeking a license to operate in Japan. The countries stand on crypto shifted after Prime Minister Fumio Kishida introduced an agenda to support the growth of Web3 firms.