Japanese Bitcoin and altcoin exchanges are reportedly moving to increase competition with foreign crypto trading platforms by planning to simplify the process of listing new cryptocurrencies.
Japan will release a list of altcoins soon
The Japan Virtual and Crypto Assets Exchange Association (JVCEA), a self-regulated body of 31 local crypto exchanges, began publishing a “green list” of 18 widely accepted cryptocurrencies in late March, local news agency Nikkei reported on Tuesday. getting ready. The green list aims to save Japanese crypto exchanges from scanning cryptocurrencies on JVCEA every time before listing coins. As reported in JVCEA’s online submission, cryptocurrencies on the green list will no longer be subject to screening.
The green list to be announced will include some of the most traded cryptocurrencies in Japan, including Bitcoin (BTC), Ethereum (ETH), XRP and Litecoin (LTC). According to the report, conditions for inclusion in the greenlist include listing on three exchanges in Japan and at least one trading platform listing the coin for at least six months.
Traders in Japan have limited options
JVCEA’s latest initiative aims to provide crypto investors with more options for trading on regulated Japanese cryptocurrency exchanges. “Some industry executives say sophisticated traders are flocking to exchanges that are not licensed in Japan, such as Binance, due to the lack of options,” the report said. According to the latest official list of coins traded on Binance, the crypto exchange supports more than 500 cryptocurrencies as of mid-March 2022.
As we reported on Somanews, the crypto exchange Coinbase, which was officially launched in Japan last year, has listed about 160 cryptocurrencies. In contrast, Japanese crypto exchanges have only collectively listed about 40 cryptocurrencies so far, according to Nikkei. GMO Coin crypto exchange has listed the largest Japanese crypto exchange and 20 cryptocurrencies in terms of supported coins, a JVCEA official reported.