Japanese crypto exchanges to speed up cryptocurrency listings

Mar 22, 2022 | News On Japan

Mar 22, 2022 (Nikkei) - Japan's crypto exchanges are simplifying the process for approving new cryptocurrency listings, in an aim to boost the number that are traded in the country and catch up with the rest of the world, an industry body said on Tuesday.

The Japan Virtual and Crypto Assets Exchange Association (JVCEA), a group of 31 exchanges, plans to release a "green list" of 18 popular cryptocurrencies in late March, it said in an online presentation. Members previously needed to go through the association's screening process to list any currency, but those on the green list will no longer be subject to screening.

U.S. exchange Coinbase listed 139 cryptocurrencies for trading at the end of 2021. In comparison, only about 40 are listed on Japanese exchanges in total. The 1.18 trillion yen ($9.8 billion) worth of cryptocurrency held by users at Japanese exchanges as of January was also a fraction of Coinbase's $278 billion in December.

Some industry executives said sophisticated traders have flocked to exchanges that do not have a license in Japan, such as Binance, partly due to the lack of options.

The green list includes cryptocurrencies that are considered "widely handled in Japan," such as bitcoin, ethereum, XRP and Litecoin. Conditions for being added to the list include being listed on three or more exchanges, one of which has listed the currency for at least six months.

The Japanese exchange with the largest number of listings currently is GMO Coin, which handles 20 cryptocurrencies, according to a JVCEA official.

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