Japanese crypto exchanges could be set to broaden the selection of coins they offer on their platforms – after a self-governing industry body unveiled plans to “streamline” the listing process for trading platforms.
Per CoinPost, as well as Nikkei and Bloomberg Japan, the 31-member Japan Virtual and Cryptoassets Exchange Association (JVCEA) plans to create a “green list” of 18 “popular cryptocurrencies” later this month. At present, some of the nation’s biggest crypto trading platforms offer less than 10 coin pairings, and only one – GMO Coin – offers 20.
Under current JVCEA regulations, exchanges must submit coin listing applications to a central body that rules on individual applications. But under the proposed new regulations, all operating license-holding exchanges would be free to add “green-listed” coins to their platforms.
The list will – the reports stated – include large-capitalization coins such as bitcoin (BTC), ethereum (ETH), XRP, and litecoin (LTC).
The list could also be expanded at a future date, and tokens may be added if they have been listed by at least three domestic exchanges. The tokens in question will also need to have been listed at a JVCEA member exchange for a minimum of six months prior to “green-listing.”
The media outlets noted that some 15 coins already meet these criteria.
The body stated that it was acting in an attempt to boost global competitiveness.
Genki Oda, the Founder and CEO of the BITPoint exchange and also the Vice-Chairman of the JVCEA, was quoted as stating that “only a handful of” Japanese crypto exchanges were currently profitable “because it takes such a long time to get cryptocurrencies approved.”
“Users have also flocked to overseas exchanges. Our goal is to eliminate the time it takes to list a token and bring the industry closer to global standards.”
The body has also spoken about the possibility of widening its membership, with the American crypto trading giant Coinbase mooted as a possible new member.
Currently, it typically takes over half a year for the JVCEA to make an assessment when dealing with an application for a new token listing – including in the case of coins that are already handled by fellow JVCEA members.
The JVCEA acts in close consultation with the financial regulator – the Financial Services Agency – and is thought to have consulted the body prior to acting.
The media outlets noted that a “backlog of applications” has piled up for the listings committee. “In October, there was a pipeline of more than 80 applications waiting to be approved,” Nikkei wrote.
The JVCEA claimed its move would allow it to deploy “more resources” to “approving new cryptocurrencies as well as initial coin offerings (ICOs) and initial exchange offerings (IEOs).