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Japan is likely to make it easier for cryptocurrencies to provide cryptocurrencies

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The institution that manages the nearly $ 1 trillion cryptocurrency market in Japan apparently wants to register Digital tokens Make it easier in exchange offices. This change makes more new actors like Coinbase Be able to enter the Japanese market with power.

According to Bloomberg, those who are aware of the incident, who did not want to be identified, say that the Japanese cryptocurrency market is evaluating the issuance of licenses for exchange offices so that they can offer more than 10 Quinn Get permission through an application. With this mechanism, it is no longer necessary for each Quinn to go through the long legal process of obtaining a license.

Informed sources claim that new players must offer a wide range of tokens to gain market share, but with the current system this is difficult. The Quinbis Exchange, which started operations in August through one of its subsidiaries in Japan, only 5 Quinn While they offer more than 100 coins in the United States. On the other hand, the two Japanese exchanges CoinCheck and GMO Coin, which were established in 2012 and 2016, respectively, each 17 tokens They support.

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Japanese Bitcoin

Japan’s cryptographic plan has not been finalized

Still a decisive decision to change the rules Not adopted Is. A representative of the Japan Cryptographic and Virtual Assets Exchange Association (JVCEA), which oversees the registration of digital coins, declined to comment on Bloomberg’s request for comment.

In the current system, even large global coins must be licensed. Informed sources say JVCEA members have also objected to the rules being too strict. The association apparently told its members in September 2021 that the mechanism for evaluating tokens easier he does.

Under the new rules, exchanges can actually issue popular tokens Needless Submit during the lengthy law process. Coins that have been in Japan for about six months or more and traded in at least three local exchanges are covered by the new scheme. Now approx 15 currency codes There are Bitcoin and Atrium with these features.

Adib

Adib Zahedi is the CEO and Founder of mazhd.com. He has nearly a decade of experience in IT, including two years spent working on a Youtube Chennal. He is also an author and writes articles for mazhd.com. Has articles include tutorials and covers everything from Windows PCs to smartphone's software.

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