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- Regulations in Japan are less strict on cryptography.
- This makes it easy to list new digital assets on cryptocurrency exchanges.
In recent news published on Bloomberg on October 19, 2022, Japan is furthering its plans to ease rules for digital assets by making the listing of cryptocurrencies much easier. The Japan Virtual Currency Exchange Association (JVCEA) has shared plans to make it easier for accredited exchanges to list digital assets by easing the review process.
In the near future, approved cryptocurrency exchanges will only have to wait 30 days to list new cryptocurrencies. The list of new cryptocurrencies will follow after submitting the evaluation report. However, the move by the Japanese government will hone Binance and rival foreign digital asset exchanges to enter the Japanese market.
Japan’s new crypto regulation
In early December of this year, JVCEA plans to conduct a gradual screening process for already approved exchanges to list virtual coins. However, it should be noted that it only applies to tokens that are not new to the Japanese market.
After implementation, regulators will be able to remove the lengthy pre-screening process entirely, even for new coins hitting the market by March 2024. Genki Oda, Representative Director and President, said:
“We hope the latest measures will help revitalize the Japanese cryptocurrency market,” Oda said in a recent announcement by the Japanese regulator. This new move from the Japanese government will significantly revamp the local crypto scene and make it a little easier for startups to establish their own identity.
Meanwhile, on October 14, 2022, the Japanese government issued a cabinet decision to revise the money laundering law, including requiring businesses that facilitate the exchange of crypto assets to provide user information and notify businesses as well. Passed. .
Additionally, in August 2022, Japanese officials said they would consider implementing tax reforms to prevent crypto startups from exiting the cryptocurrency market. The next move comes shortly after the Japanese crypto group called on regulators to stop taxing paper profits.
In a speech on October 3, 2022, Japanese Prime Minister Fumio Kishida said the government would work to promote the use of new Web3 technologies, specifically referring to the use of non-fungible tokens (NFTs). and metaverse.
Additionally, in September of this year, the Japanese government announced Non-Fungible Tokens (NFTs) as a supplementary reward to identify local government jobs that are best at using digital technology to solve local problems. became one of the first countries to issue Task.
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