Japan may soon introduce some changes to the crypto market’s self-regulation process. According to Bloomberg, the listing of new crypto assets is expected to be accelerated on exchanges operating in the country.
Responsible for handling nearly US$ 1 trillion by 2021, the Japanese crypto market has its own industry self-regulatory body. It is through this institution that the listing of new cryptoassets will change.
Currently, the approval process for a new cryptoasset can take more than six months in Japan. In addition, exchanges can only submit a listing of one project with each application.
But with the supposed overhaul of the listing process, this number will increase to up to twelve cryptoassets in each application. As such, the change could benefit companies like Coinbase.
The exchange has been operating in Japan since August 2021 and has only five cryptocurrencies listed on the platform. Meanwhile, the same company offers more than a hundred types of tokens in the United States.
The reduced cryptoasset offering in Japan affects platforms other than Coinbase. There are exchanges with more than ten years of operation in the country that have only 17 digital currencies listed, such as Coincheck.
While the changes have not been confirmed by Japan, speeding up the approval process for listings has been discussed by the self-regulatory industry since late 2021. Last year, Japan saw a 51% growth in cryptoasset market trading volume, reaching over US$ 900 million.