Bloomberg reports indicated that Japan’s cryptocurrency watchdog plans to smoothen listing rules for digital tokens. That comes as the country aims to attract crypto business and bolster them to rival leading players in the space.
The regulator intends to ease the token listing process and introduce new policies as of December 2022.
Japan’s Smoothened Crypto Listing Policies to Arrive by December
According to Bloomberg News, Japan Crypto and Virtual assets Exchange Association, the nation’s crypto regulator, plans to attract more cryptocurrency startups by easing the listing process. Meanwhile, the new and simplified rules might start operating by December this year.
The move intends to help cryptocurrency startups contend with market leaders by simplifying the digital coin listing process. That smoothens the assets’ entry into the market. Nevertheless, this will apply to digital tokens new to Japan’s marketplace.
Moreover, the watchdog might hap the pre-screenings for assets new to the market come March 2024. Remixpoint software company’s vice president commented on ICOs (Initial Coin Offerings), hoping the recent move will revive Japan’s cryptocurrency market.
Japan Regulators Pull 180 to Back Economic Growth by Supporting Crypto Startups
The simplifying of cryptocurrency listing regulation means a swift U-turn by Japanese regulators. Meantime, the world’s leading exchange, Binance, also plans to re-enter Japan. The crypto exchange exited the Japanese marketplace four years ago.
Meanwhile, the cryptocurrency industry has seen hacks and headwinds within the last year, sending renowned companies such as Three Arrows Capital and Celsius Network into bankruptcy. Consequently, most nations have stiffened crypto rule recently. That includes the crypto-friendly state of Singapore.
Japan’s crypto stance shift comes as a plan by PM Fumio Kishida to revive the nation’s economy via the new growth strategy, New Capitalism, that seeks to back the expansion of local web3 companies.
Meanwhile, Japan’s monetary regulator proposed smoothening corporate tax policies for stock and crypto investors to bolster economic growth. Introducing the eased cryptocurrency rules would allow exchanges to list digital tokens within a month of declaring the listing plan & token assessments.
Furthermore, the cryptocurrency exchanges would report any development related to the listed coins to the regulator every three months.