Japan to Speed up Cryptocurrency Listings with a “green list”

Paigambar Mohan Raj
Source: Bitcoinist

Japan Virtual and Crypto Assets Exchange Association [JVCEA] on Tuesday announced streamlining the procedure for approving new cryptocurrency listings to increase the number of coins traded in the nation and catch up with the rest of the globe.

JVCEA is an association formed by 31 exchanges and during its recent online presentation, it stated of producing a “green list” which will include 18 prominent cryptocurrencies. This list will be made available by late March and aimed to spare country-based exchanges from having to screen cryptocurrencies with the JVCEA each time before listing coins on their trading platforms. Therefore, crypto assets in this list will no longer be required to undergo the screening process.

Bitcoin, Ethereum, XRP, and Litecoin are among the cryptocurrencies on the green list, which are deemed “widely handled in Japan.” To be included in the list, the currency must be listed on three or more exchanges, one of which must have been listed for at least six months.

Can we see more coins in Japan soon? 

Japan is an important place in crypto. In a way, a lot of the crypto culture is influenced by Japanese culture. For instance, the pseudonym used by the Bitcoin creator, Satoshi Nakamoto, is a Japanese name. Even Doge is a Shiba Inu dog, which is a breed of hunting dog from Japan and is considered the most beloved species in the country. Many of the other meme coins, too, follow Japanese cultural imagery as their themes. In that regard, a Japanese official statement regarding crypto has been long-awaited. 

Japan’s conservative approach towards listing tokens will shorten the list of competitors. We may see some of the popular meme coins such as DOGE, SHIB, SHINJA, etc. make it onto the green list given their hold of the market.

Meanwhile, the Japanese crypto exchanges were also competing with international crypto exchanges due to a shortlist of tokens. Coinbase, one of the biggest centralized cryptocurrency exchanges based in the United States, had 139 cryptocurrencies for trade by the end of 2021. In comparison, just about 40 cryptocurrencies are listed on Japanese exchanges.

According to a JVCEA representative, the exchange with the most listings in Japan at the moment is GMO Coin, which handles 20 cryptocurrencies.  

Genki Oda, the vice-chair of JVCEA, said,

“The goal is to eliminate the time it takes to list a token and bring the industry closer to global standards.”

Because cryptocurrencies take a long time to be recognized in Japan, only a few crypto exchanges are lucrative, according to Genki. As a result, users flocked to international exchanges.

According to an official, the new policy will allow JVCEA to devote more resources to certifying new cryptocurrencies, as well as initial coin offers, and initial exchange offerings.