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?According to Bloomberg, Fushio Kishida, Japan’s Prime Minister, has indicated his disapproval of the stringent rules currently guiding the country’s cryptocurrency industry, this has therefore led to discussions for new and better policies.
Recommendations for a better listing system
In May, Kishida was a member of a government panel that harshly critiqued the crypto listing process in the country, asserting that it could be a lot easier, and unnecessarily time was usually spent during the prescreening of crypto assets.
Following this call, The Japan Virtual and Crypto Assets Exchange Association (JVCEA), is moving to allow the process of listing coins easier, the self regulatory body is said to be having discussions on the matter and would come to a final decision by the end of the year.
Nevertheless, whatever decisions the JVCEA come up with will be screened first by Japan’s Financial Service Agency, FSA. An FSA officer who asked not to be identified said that they are not sure what the JVCEA will come up with and whether the FSA will approve of it.
Sources with knowledge of the matter say the JVCEA won’t be involved during the listing process henceforth. However, they will oversee the assets after listing. The current process involves the listing of coins that may not be on the JVCEA green list introduced earlier this year.
