Bitcoin, Ether, Ripple, and Litecoin will be included on the impending green list.
According to Nikkei, just 40 coins have been listed on Japanese crypto exchanges.
According to reports, Japanese cryptocurrency exchanges are attempting to enhance competition with overseas exchanges by making it easier to add new cryptocurrencies. According to local news outlet Nikkei, Japanese crypto exchanges’ self-regulatory authority, the Japan Virtual and Crypto Assets Exchange Association (JVCEA), plans to provide a “green list” of 18 popular cryptocurrencies in late March.
No Longer Subject to Review
The goal of the green list is to save Japanese crypto exchanges from having to screen cryptocurrencies with the JVCEA every time they want to publish coins on their trading platforms. The JVCEA allegedly said in an online presentation that the digital assets on the green list would no longer be subject to review.
Bitcoin, Ether, Ripple, and Litecoin will be included on the impending green list, expected to be released shortly. According to the study, a digital asset must have been listed on three Japanese exchanges for at least six months before it can be added to the green list. The JVCEA’s newest effort intends to increase the number of licensed Japanese cryptocurrency exchanges where crypto investors may trade.
The report stated:
“Some industry executives said sophisticated traders have flocked to exchanges that do not have a license in Japan, such as Binance, partly due to the lack of options.”
On Binance’s most recent list of traded coins, more than 80 cryptocurrencies are listed as supported as of mid-March 2022. According to its official website, Coinbase, the biggest cryptocurrency exchange in the United States, has listed around 160 coins so far. According to Nikkei, just 40 coins have been listed on Japanese crypto exchanges. However, the cryptocurrency market GMO Coin claims to be Japan’s biggest in terms of supported coins and managing 20 cryptocurrencies, according to an official from JVCEA.