Japanese cryptocurrency exchanges are reportedly seeking to increase competition with foreign cryptocurrency trading platforms by planning to simplify the process of listing new cryptocurrencies.
Japan’s Virtual and Cryptocurrency Exchange Association (JVCEA), a self-regulatory body of 31 local cryptocurrencies, is preparing to publish a “green list” of 18 widely accepted cryptocurrencies in late March, local news agency Nikkei reported on Tuesday.
The Green List aims to spare Japanese cryptocurrencies that they have to check cryptocurrencies with JVCEA every time before they issue coins on their trading platforms. The digital assets included in the green list will no longer be subject to scrutiny, JVCEA reportedly said in an online presentation.
The upcoming green list will include some of the most traded cryptocurrencies in Japan, including Bitcoin (BTC), Ether (ETH), Ripple (XRP) and Litecoin (LTC). According to the report, the conditions for being added to the green list include listing on three stock exchanges in Japan, with at least one trading platform having to list those digital assets for at least six months.
JVCEA’s latest initiative aims to provide crypto investors with more options to trade on regulated Japanese cryptocurrency exchanges. “Some industry executives have said sophisticated traders have flocked to unlicensed stock exchanges in Japan, such as Binance, in part because of a lack of options,” the report said.
According to the latest official list of coins traded on Binance, the cryptocurrency exchange has supported more than 80 cryptocurrencies since mid-March 2022. Coinbase, the largest cryptocurrency in the United States that officially launched in Japan last year, listed about 160 cryptocurrencies so far, according to official pages.
In contrast, Japanese cryptocurrencies have so far listed only about 40 cryptocurrencies together, according to Nikkei. The GMO Coin crypto exchange is Japan’s largest crypto exchange in terms of supported coins and handling of 20 cryptocurrencies, a JVCEA official reportedly said.
BitFlyer, one of the largest crypto exchanges in Japan and a member of the JVCEA, has cited 15 cryptocurrencies so far, a stock exchange spokesman told Cointelegraph.
“We are considering expanding the amount of these cryptocurrencies to trade in the future. The cryptocurrency era has just begun. The Japanese are becoming increasingly interested in virtual currencies,” the spokesman added.
Related: The Japanese government is considering easing strict rules on the coin list
As previously announced, the JVCEA was established back in March 2018 as a self-regulatory body following a series of hacker incidents that triggered intensive controls by regulators.
In February, JVCEA complained that Japan’s strict vetting rules significantly hamper the growth of Japan’s trillion-dollar Japanese crypto industry.