Japanese crypto exchanges are said to be trying to increase competition with foreign trading platforms by planning to simplify the process of listing new cryptocurrencies.
Japan’s Crypto and Virtual Assets Exchange Association (JVCEA), a self-governing body of 31 domestic crypto exchanges, is preparing to release a “green list” of 18 widely accepted cryptocurrencies by the end of March, reports the local Nikkei news agency. Tuesday.
The Green List aims to save Japanese cryptocurrencies from having to verify cryptocurrencies with the JVCEA each time before listing coins on their exchanges. The green-listed digital assets will not be subject to verification, according to an online presentation from JVCEA.
The upcoming green list will include some of the best-selling cryptocurrencies in Japan, including Bitcoin (BTC), Ether (ETH), Ripple (XRP) and Litecoin (LTC). According to the report, the conditions for a green listing include listing on three stock exchanges in Japan, with at least one trading platform that has listed digital assets for at least six months.
JVCEA’s latest initiative aims to give cryptocurrency investors more opportunities to trade on Japanese regulated cryptocurrency exchanges. “Some industry leaders have said that smart traders are flocking to unlicensed stock exchanges in Japan, such as Binance, in part due to a lack of alternatives,” the report said.
According to the latest official list of coins circulating on Binance, the stock exchange supports more than 80 cryptocurrencies from mid-March 2022. So far, according to its official website.
In contrast, according to the Nikkei, Japanese cryptocurrency exchanges listed a total of only about 40 cryptocurrencies. According to a JVCEA official, GMO Coin is the largest Japanese cryptocurrency exchange in terms of supported coins and the processing of 20 cryptocurrencies.
BitFlyer, one of Japan’s largest cryptocurrency exchanges, traded only five cryptocurrencies on Tuesday morning, according to data from CoinGecko.
Related: Japanese authorities are considering easing strict rules for currency listing
As previously reported, the JVCEA was set up back in March 2018 as a self-regulatory body following a series of hacking incidents that required scrutiny by regulators.
In February, the JVCEA complained that Japan’s strict verification rules significantly hampered the growth of the Japanese $ 1 trillion crypto industry.