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Japan’s crypto regulator further relaxes crypto rules in the country, making it easier to list virtual coins. Moreover, it will allow crypto exchanges such as BINANCE to easily gain licenses in the country. The moves come after continuous efforts of Prime Minister Fumio Kishida to ease crypto regulations for strengthening Japan’s economy.
Japan Eases Crypto Regulations
The Japan Virtual and Crypto Assets Exchange Association (JVCEA) will finally allow the listing of virtual coins without going through the lengthy screening process, Bloomberg reported on October 19. However, tokens new to the Japanese market need to undergo a complete process for listing. The relaxed rule could take effect in December.
Easing the listing process will help startups to compete with major crypto companies. Moreover, it eases market entry for foreign companies and crypto exchanges such as Binance, as per documents distributed to firms.
Genki Oda, Vice Chairman of the JVCEA, said the self-regulatory body could further scrap pre-screening for listing coins in foreign countries by 2024. It will also ease rules for tokens issued through initial coin offerings (ICO) or initial exchange offerings (IEO).
“We hope the latest measure will help revitalize Japan’s crypto assets market.”
Crypto exchange Binance looks to enter the Japanese market after four years. FTX gained a license to provide crypto services for its Japanese customers in June.
Japanese Prime Minister’s Crypto-Friendly Vision
Japan’s Prime Minister Fushio Kishida criticized strict crypto rules in the country and aimed to ease the lengthy listing process and market entry rules for foreign companies. He also worked on reducing the crypto tax burden, as well as reducing the regulatory burden on crypto companies. Crypto rules can be expected in 2023.
The Financial Services Agency (FSA) proposed the Nippon Individual Savings Account (NISA), a tax break initiative for retail investors.
Prime Minister Kishida indicated an interest in utilizing Web3 to boost economic growth in Japan. The plans also include pushing blockchain, non-fungible tokens (NFTs), and metaverse adoption.
