Japanese Government Might Let-Loose Their Coin Listing Regulations

The trade was conducted to conform with Japanese regulations by the FSA-registered crypto exchange. Despite the acquisition, both crypto exchanges were cooperating, as "Quoine will gradually integrate FTX's products and services into its own offering, and FTX's existing Japanese customers will be migrated to Quoine's platform," according to the press release.

Users, investors, and exchanges must follow specified record-keeping requirements and submit an annual report to the Financial Services Agency under exchange-based laws in Japan, which are mostly aimed at maintaining market integrity (FSA).

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Now, the Japanese government is contemplating a suggestion to simplify the action of listing digital assets in the local retail trading market for registered crypto exchanges. But the final decision is yet to be made.

According to Bloomberg, the lengthy screening process when listing certain assets (by exchanges that have registered with the Financial Services Agency) will no longer be an issue, if the new rules took place.

The screening process, at the moment, can even take six months to complete, and it supposedly prevented the $1 trillion Japanese crypto industry from evolving to its fullest extent. Moreover, Japanese exchanges are very behind the top exchanges such as Binance and Coinbase. Coincheck and GMO coins have 17 listed coins each. Additionally, crypto exchanges could list more than a dozen tokens at once.

Furthermore, it would be easier for exchanges to list Bitcoin and Ether, and digital assets that have been stuck and listed for more than six months on several domestic exchanges would be freed from the additional screening process. The association is actively looking for ways to improve the approval process of coins that aren't traded in Japan at the moment.

Besides, Coinbase and FTX have stepped into the Japanese market with parts registering crypto exchanges, at the same time that the proposal came to light.

Aaron S., Editor-In-Chief

Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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