Japanese Regulators May Abolish Strict Censorship of Digital Currency Listings

In Japan, the regulators are negotiating to abolish the strict review rules for digital currency listings after the Fumio government expressed dissatisfaction with the current system on June 8.

In Japan, the listing of a digital currency usually requires a review period of six months or more, which some companies complain is detrimental to the development of digital currencies. Relative sources said that the Japanese regulators have been discussing approving the listing of digital currency without examination on the local exchanges.

Japanese regulators have abandoned their current position. They will focus on overseeing assets, not getting involved in the listing process and requiring assets not to be identified.

They are studying whether to forcibly require exchanges to delist a digital currency that has problems after trading has begun. Loosening the rules would mean greater liberalization of Japan’s digital currency market and a push for foreign digital exchanges, such as Coinbase, to come to Japan.

Coinbase has a broader understanding of digital currencies and offers more than 100 of them, while Japan’s largest digital currency company, GMO, has only 21 currencies on its list. The Japanese regulator aims to make a final decision on whether to change the specifications by the end of this year.