Japan plans to facilitate the listing of cryptocurrencies with the aim of increasing crypto adoption.
The Japanese government yesterday approved changes to existing financial regulations to prevent money laundering using cryptocurrencies and increase penalties for those involved. The possible shift in crypto listing rules comes as Prime Minister Fumio Kishida pursues an agenda to stimulate Japan’s economy, including support for the growth of Web3 firms.
Update to Token Listing Rules from Japan
According to the news in Bloomberg, Japan plans to allow exchanges to list cryptocurrencies without going through a long scanning process.
Smoothing the token listing process can lower the bar for market entry, helping startups compete with established players. Documents outlining the changes were recently distributed to member firms. The rule change is expected to take effect in December.
Vice President Genki Oda said the following in connection with the issue:
“By March 2024, Japan Virtual and Crypto Assets Exchange Association may remove pre-screenings for cryptocurrencies that are new to the nation, as well as for tokens issued through ICO or swap offerings.”
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