Japan JVCEA Vice Chairman: The pre-review process will be canceled only for certain crypto tokens

ChainCatcher news, in response to a previous Bloomberg report regarding the Japan Virtual Currency Exchange Association (JVCEA) attempting to eliminate all crypto token reviews before 2024, JVCEA Vice Chairman Genki Oda stated that this is not entirely accurate: "This does not mean that the pre-review process will be completely abolished; the JVCEA will continue to conduct certain checks." Currently, unless a token is already listed on at least three trading platforms, it must undergo a lengthy pre-review process to be allowed to list on other trading platforms. According to the JVCEA's new rules, if an asset is already listed on one trading platform, other trading platforms do not need to go through the pre-review process to list the same asset. This rule has been shared with the cryptocurrency trading platforms that make up the self-regulatory organization and does not apply to assets that are listed on foreign trading platforms but not on Japanese trading platforms. The relaxed review requirements also do not apply to tokens issued through ICOs and IEOs, as well as crypto assets like stablecoins.

Previously, ChainCatcher reported on October 19 that Japan plans to further relax cryptocurrency regulatory rules by simplifying the token listing review process on cryptocurrency trading platforms. According to documents, the agency managing cryptocurrency trading platforms plans to allow them to list tokens without the lengthy review process, unless these tokens are new products in the Japanese market. This rule may take effect as early as December, helping startups compete with established companies by simplifying the token listing process and lowering market entry barriers. By March 2024, the Japan Virtual and Crypto Assets Exchange Association may also eliminate the pre-review for tokens newly entering the country and for tokens issued through ICOs and IEOs. (Source link)