Japan Virtual and Crypto Assets Exchange Association aims to ease the screening procedure for authorized exchanges to offer crypto assets.
The regulating body for crypto assets in Japan, the Japan Virtual and Crypto Assets Exchange Association, published intentions to further relax the country’s crypto rules.
According to a Bloomberg article, the association intends to use a less stringent screening procedure for already approved exchanges to offer virtual coins as early as December of this year. This would nevertheless apply to tokens that are already available on the Japanese market.
By March 2024, the regulators could completely do away with the time-consuming pre-screening procedure, even for coins that have just entered the market. According to remarks made by Genki Oda, vice president of the association, this scenario may also apply to tokens issued through initial coin or exchange offers.
Regarding the association’s most recent statement, Oda stated:
“We hope the latest measure will help revitalize Japan’s crypto assets market.”
With these new initiatives, Japanese officials seek to revitalize the local cryptocurrency ecosystem and make it simpler for entrepreneurs to break into the market.
Just a few days earlier, on October 14, the Japanese government similarly approved a cabinet resolution to update the country’s money laundering legislation. As a result, organizations that facilitate the exchange of cryptocurrency assets are required to alert the business operators and offer user information.
As the government updates rules and regulations, Japan has recently taken the expanding crypto scene into consideration. In order to keep crypto startups from fleeing, officials declared in August that they would take into account adopting tax adjustments.
Soon after, Japanese crypto organizations urged regulators to stop taxing paper gains.
In a speech on October 3, Japanese Prime Minister Fumio Kishida declared that the nation will work to encourage the use of novel Web3 technology. He specifically discussed the metaverse and the use of nonfungible tokens (NFTs).
The Japanese government gave NFTs to local authorities as a prize for their hard work in September of this year.
