Leading Crypto Firms May Flock to Japan After New Rules

Leading Crypto Firms May Flock to Japan After New Rules
  • After the new rules, major crypto firms may move to Japan.
  • The country is enticing well-known crypto exchanges throughout the world using the move.
  • ICO would not be impacted by any of the regulatory changes.

Crypto exchanges may find a new country to expand to, this comes as Japan recently eased its crypto regulations.

According to an article by Bloomberg, Japan will enable crypto exchanges to start listing tokens on their platform without having to screen them rigorously. In addition, Japan is also said to be loosening its gatekeeping so that many crypto exchanges may start operating in the country.

The Japan Virtual and Crypto asset Exchange Association (JVCEA), according to Bloomberg, is now debating the abolition of strict requirements for local exchanges to list cryptocurrency. Initial coin offers (ICO), which continue to need screening, won’t be expected to be impacted by any regulatory changes.

The Asian nation seeks to entice well-known crypto exchanges from throughout the world with this move. If the regulator’s efforts are successful, tokens would be allowed to be listed on exchanges without being screened. This offers promising opportunities for overseas exchanges like Coinbase. 

Consequently, to enable banks and other licensed financial organizations to produce stablecoins, new legislation was initially introduced in Japan. In addition to clearly defining stablecoins, the Japanese government also laid up measures that would shield small-time investors against another fall like Terra.

A local media investigation has revealed that in addition to this historic legislation, Japan’s Ministry of Justice is also debating a plan that would enable it to collect crypto assets that have been obtained unlawfully. This idea aims to eliminate the chance that malicious individuals in the nation may take advantage of the crypto business.

Along with this, the most recent easing of crypto rules has sparked speculation across the globe about whether or not the nation was attempting to be more tolerant of the crypto-verse.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer