- Japan’s crypto association plans looser screening of cryptocurrencies before their listing, as early as December 2022.
- The move signals Japan’s eagerness to revitalize the crypto ecosystem in the country.
- Japan’s lengthy screening process for cryptocurrencies acted as a deterrent for rapid crypto adoption in the country; few assets cleared the process.
Bloomberg reported that Japan is prepared to further relax cryptocurrency rules and make the listing process for digital assets easier. This is expected to make the process of listing easier and drive the adoption of cryptocurrencies in Japan.
Also read: Polkadot beats Ethereum, Solana and Bitcoin in terms of development activity
Japan to ease digital asset listing rules, embrace cryptocurrencies
Japan’s crypto association, the oversight authority for cryptocurrencies, has revealed plans to ease the listing process for digital assets. Until now, the screening process has acted as a deterrent for most assets seeking a listing in Japan’s cryptocurrency exchanges.
Fumio Kishida, the Prime Minister of Japan said that the government has invested in digital transformation, including issuance of NFTs to local authorities through digital solutions. In his October 3 speech Kishisa said that Japan has plans to digitize national identity cards. In addition, Japan’s cabinet is keen on promoting the efforts to expand the use of Web 3.0 services that utilize the metaverse and NFTs.
With looser screening by the crypto association more cryptocurrencies will make it through the listing process and get exposure to Japanese crypto traders. This is likely to drive a new wave of crypto adoption in the Japanese economy. Kishida is in favor of taxing Bitcoin transactions in Japan.
Japan plans to make its economy lucrative for crypto traders so the lion’s share of crypto trading is not bagged by Binance and rival foreign digital asset exchanges.
Since Prime Minister Kishida’s arrival in office, crypto traders have seen a large number of developments in the ecosystem. Many crypto traders currently face a crypto tax rate of up to 55% in Japan. In August 2022, two of Japan’s leading crypto advocacy groups- the Japan Crypto-Asset Business Association and the Japan Crypto-Asset Exchange Association called for a 20% separate tax on crypto earnings for individual investors.
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