- Japan will make it simpler for cryptocurrency exchanges to list tokens.
- The country is loosening some of the burdensome crypto laws that have been in place.
- This is another indication that the cryptocurrency market is beginning to consolidate.
Even after the catastrophic downfall of Sam Bankman-Fried’s digital empire, Japan is moving on with plans to liberalize the sector. As part of these plans, the country will make it simpler for cryptocurrency exchanges to list tokens.
On Wednesday, the regulatory agency that oversees cryptocurrency exchanges notified member businesses of the new regulation. This will reportedly become effective instantly.
According to papers reviewed by Bloomberg News, this will make it possible for them to offer currencies without having to go through an extensive pre-screening process unless the tokens in question are new to Japan’s market.
Even though the aftermath of FTX’s breakdown is continuing to ripple across the digital sector and beyond, Japan is loosening some of the burdensome crypto laws that have been in place. The government of Prime Minister Fumio Kishida has made expanding the Web3 market a component of his economic agenda.
It is anticipated that next year, modifications would be made to the corporate taxation system in order to aid individuals who operate cryptocurrency businesses.
These developments came at the same time as the announcement that the digital currency exchange Kraken is making preparations to wind down its business activities in Japan the next month. This is just another indication that the cryptocurrency market is beginning to consolidate.
This is the second time that Kraken has decided to withdraw from the Japanese market. The first was in 2018 when it ceased operations after first commencing them in 2014. This was after it had been in business for four years. After obtaining registration from the relevant authority in 2020, it restarted its operations in the nation.
Kraken said the move was “part of Kraken’s efforts to prioritize resources and investments in those areas that align with our strategy and will best position Kraken for long-term success.”
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