The JVCEA will publish a "green list" of 18 cryptomonnaies that will no longer be subject to verification by Japanese cryptomonnay exchanges before being traded.
The Japanese cryptocurrency exchanges are reportedly planning to take steps to increase competition with foreign cryptocurrency exchange platforms, with the goal of making the process of acquiring new cryptocoins easier.
The Japan Virtual and Crypto Assets Exchange Association (JVCEA), a regulatory body that includes 31 cryptocurrency exchanges, is planning to provide a "green list" of 18 widely accepted cryptocurrencies by the end of March, according to the local news agency Nikkei.
The green list aims to keep Japanese cryptocurrency exchanges from having to run their coins through the JVCEA's crible before listing them on their trading platforms. The JVCEA had stated in an online presentation that digital assets included in the green list will no longer be subject to a pre-screening.
The next green list will include some of the most widely traded crypto currencies in Japan, including bitcoin (BTC), ether (ETH), XRP, and Litecoin (LTC). According to the report, the requirements for being included to the green list include being listed on three Japanese exchanges and having at least one trading platform coter this digital activity for at least six months.
The JVCEA's most recent effort aims to provide cryptocurrency investors with more trading opportunities on regulated Japanese cryptocurrency exchanges. « Several industry insiders have stated that sophisticated traders have flocked to exchanges that lack a Japanese licence, like as Binance, in part due to a lack of choices », according to the report.
According to the most recent official list of assets traded on Binance, the cryptocurrency exchange will have more than 80 cryptomonnaies by 2022. According to Coinbase's official website, the largest cryptocurrency exchange in the United States, which officially launched its operations in Japan last year, it has collected over 160 cryptomonnaies to far.
According to Nikkei, however, just about 40 cryptomonnaies have been listed by Japanese cryptocurrency exchanges. GMO Coin is the largest Japanese cryptocurrency exchange in terms of supported assets, with a total of 20 coins, according to a JVCEA official.
According to CoinGecko data, BitFlyer, one of Japan's largest cryptocurrency exchanges, only traded five cryptomonnaies on Wednesday morning.
As previously stated, the JVCEA was established in March 2018 as an autonomous regulatory body in response to a series of piracy instances that prompted a thorough investigation by regulators.
In February, the JVCEA filed a complaint alleging that Japan's tight examination rules have stifled the industry's growth to the tune of $1 billion dollars.
Post a Comment