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Bitcoin, Ether, Ripple and Litecoin will be included on the upcoming green list. According to Nikkei, there are only 40 coins listed on Japanese crypto exchanges.
According to reports, Japanese cryptocurrency exchanges are trying to increase competition with foreign exchanges by making it easier to add new cryptocurrencies. According to local news channel Nikkei, the self-regulatory authority of Japanese crypto exchanges, the Japan Virtual and Crypto Assets Exchange Association (JVCEA), plans to provide a “green list” of 18 popular cryptocurrencies by the end of March.
No longer subject to review
The purpose of the green list is to prevent Japanese crypto exchanges from having to screen cryptocurrencies with the JVCEA every time they want to publish coins on their trading platform. The JVCEA is said to have said in an online presentation that the digital assets on the green list are no longer under review.
Bitcoin, Ether, Ripple and Litecoin will be included on the upcoming green list, which is expected to be released soon. According to the research, a digital asset must have been on three Japanese exchanges for at least six months before it can be added to the green list. The latest effort from the JVCEA aims to increase the number of licensed Japanese cryptocurrency exchanges where crypto investors can trade.
The report stated:
“Some industry executives said advanced traders have flocked to exchanges that are not licensed in Japan, such as Binance, in part because of the lack of options.”
Binance’s most recent list of traded coins lists more than 80 cryptocurrencies as supported as of mid-March 2022. According to the official website, Coinbase, the largest cryptocurrency exchange in the United States, has listed about 160 coins to date. According to Nikkei, there are only 40 coins listed on Japanese crypto exchanges. However, the cryptocurrency market GMO Coin claims to be Japan’s largest in terms of supported coins and managing 20 cryptocurrencies, according to a JVCEA official.