Japanese regulators loosen crypto laws and make it easier to list coins

Japanese regulators loosen crypto laws and make it easier to list coins

Japanese regulators loosen crypto laws and make it easier to list coins

The Japan Crypto and Virtual Asset Exchange Association plans to make it easier for authorized exchanges to list digital currencies by relaxing the selection process. The Japan Crypto and Virtual Asset Exchange Association, the governing body dealing with crypto assets in Japan, has released plan documents to further relax crypto laws in the country.

According to a Bloomberg report, the association plans to implement a more flexible selection process for exchanges already approved to list virtual currencies as early as December this year. However, this would apply to tokens that are not new to the Japanese market. Regulators could do away with the lengthy pre-screening process entirely by March 2024, even for newly launched coins.

This scenario could also include tokens issued through seed coins or exchange offers, according to comments from Genki Oda, the association’s vice president.

Just days earlier, on October 14, the Japanese government also approved a cabinet decision to review laws related to money laundering. This means that companies facilitating crypto asset exchanges must provide user information and notify commercial operators.

Recently, Japan has taken into account the growing cryptocurrency scene as the government reviews laws and regulations. In August, officials said they were considering implementing tax reforms to prevent crypto startups from leaving.

This comes shortly after Japanese crypto groups asked regulators to stop taxing paper profits. Japanese Prime Minister Fumio Kishida said in a speech in October that the government would seek to encourage the use of new Web3 technologies.

In particular, he mentioned the use of non-fungible tokens (NFTs) and the metaverse. In September of this year, the Japanese government awarded NFTs as a reward for the good work of local authorities.

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