Will crypto adoption skyrocket in Japan with relaxed crypto rules and easy listing

  • 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. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana congestion troubles could end soon, testnet v1.18.11 release arrives

Solana network is plagued by failed transactions caused by congestion issues on the blockchain. The recent rise in popularity of Solana-based meme coins has resulted in a massive increase in user activity on the SOL blockchain, which has exacerbated the issue. 

More Solana News

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Bitcoin meme coin PUPS hits new all-time high as Ordinals tokens see massive spike

Pups, a BTC-based meme coin, hit a new all-time high of $84.08 early on Friday. The Ordinals Inscription project, which was launched nearly a year ago, sees gains from anticipation surrounding Bitcoin halving.

More Bitcoin News

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

XRP price tests $0.60 support as AMM makes comeback on XRPLedger

Ripple sees AMM back in action on the XRPLedger mainnet after amendment on Friday. XRP price tests $0.60 support, price ranges below $0.62 on April 12. Ripple CLO shared the Second Circuit Court of Appeals refusal to reconsider their decision, considered a loss for the SEC. 

More Ripple News

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki steers clear from ETFs, opts for holding Bitcoin directly instead

Robert Kiyosaki, author of Rich Dad Poor Dad, is popular for his investment advice and pro-Bitcoin stance on social media platform X. Early on Friday, Kiyosaki shared his thoughts on Bitcoin ETFs and advocated holding the asset directly, instead of a “Wall Street” version. 

More Cryptocurrencies News

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin: BTC’s rangebound movement leaves traders confused

Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established. While Bitcoin’s long-term outlook remains positive, bouts of volatility could bring prices down ahead of the upcoming halving.

Read full analysis