The Japan Virtual Currency Exchange Association (JVCEA) will publish a list of 18 cryptocurrencies by the end of March that local platforms will be able to list without prior verification, Nikkei writes.
Bitcoin, Ethereum, Ripple and Litecoin are expected to appear in it. The conditions for an asset to be included in the list are the listing on at least three platforms with a six-month trading history on at least one of them.
The initiative aims to simplify the addition of cryptocurrencies to the list of traded instruments and increase the competitiveness of Japanese bitcoin exchanges in the international arena. Per the report:
“Savvy traders flock to overseas venues like Binance in part because of the narrow number of instruments traded.”
The agency notes that no more than 40 cryptocurrencies are represented on all Japanese sites, while on Binance this number is twice as high, and on Coinbase four times.
In October 2018, the JVCEA received the status of a self-regulatory organization. The FSA has empowered the Association to develop regulations for the local cryptocurrency industry, including measures to prevent insider trading, combat money laundering and protect assets.