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- The regulatory in Japan will become less strict on crypto laws.
- This makes it easy to list new digital assets on crypto exchanges.
In the recent news published on Bloomberg on October 19, 2022, Japan is making further plans to loosen digital assets rules by making it quite easy to list cryptocurrencies. The Japan Virtual Currency Exchange Association (JVCEA) shared its plans to make it easier for authorized exchanges to list digital assets by loosening the screening process.
In the near future, the authorized crypto exchanges will only have to wait 30-days to list a new cryptocurrency. The listing of new cryptocurrency is followed after submitting an assessment report. However, this step by the Japanese Government will polish Binance and the rival foreign digital-asset exchanges to enter in the Japanese market.
New Crypto Regulation in Japan
In early December of this year, the JVCEA is planning to implement a loosen screening process for already authorized exchanges to list its virtual coins. While, it must be noted that, it would apply only to those tokens that are not new to the Japanese market.
After the implementation, the regulators can get rid of the lengthy pre-screening process altogether, even for coins new to the market, by March 2024. While the following assumption could further include tokens issued via initial coin or exchange offerings, as the Association’s Vice President, Genki Oda, said in his statement.
In the recent announcement of Japanese regulators, Oda said that “We hope the latest measure will help revitalize Japan’s crypto assets market.” This new move from the Japanese government strongly revamps the local crypto scene and makes it a little bit easier for startups to make its individual identity.
On the other hand, on Oct. 14, 2022, the Japanese government passed a cabinet decision to revise laws related to money laundering that include that the businesses which facilitate the exchange of crypto assets must provide user information, and inform the business operators as well.
Moreover, in August 2022, the Japanese officials said they will consider implementing tax reforms to prevent crypto startups from getting out of the crypto market. The following move came just after a Japanese crypto group called on regulators to end taxing paper gains.
On October 3, 2022, during a speech, Fumio Kishida, the Japanese Prime Minister, stated that the government will be making an effort to promote the use of new Web3 technologies, where he specifically noted the usage of Non-Fungible Tokens (NFTs) and the Metaverse.
Additionally, in September of this year, the government of Japan became one of the first to issue Non-Fungible Tokens (NFTs) as a form of supplementary rewards to discern the work of local authorities who were the best at using digital technology to solve local challenges.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
