Japanese regulators plan to ease regulations to allow registered crypto exchanges to list digital tokens without undergoing a long screening process.
The relaxed screening process will also extend to cryptocurrencies issued as Initial Coin Offerings (ICOs).
The Japan Virtual and Crypto Assets Exchange Association (JVCEA) may implement these changes as early as December 2022. The association’s Vice Chairman, Genki Oda, noted,
“We hope the latest measure will help revitalize Japan’s crypto assets market.”
The regulatory body also plans to abolish the entire screening process by March 2024.
The association’s latest move will also allow exchanges to offer their tokens for sale within 30 days of reporting their listing plan. According to Oda, the JVCEA seeks to reduce this limit to 14 days.
However, crypto platforms are still required to report to the JVCEA about major events concerning their listed tokens.
For the past few months, the Japanese government has displayed a positive stance towards the crypto industry.
In August, the nation’s Financial Services Agency disclosed its plans to remove capital gain liabilities for corporate crypto holdings. It also reduced the applicable gains tax on crypto assets to 20%.
The pro-crypto changes attracted the attention of Changpeng Zhao, the CEO of Binance. In September, he disclosed his plans to resume operations in Japan.
