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Several hacking events in March 2018 led to the formation of the JVCEA.Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC) will be included.
In order to compete with global crypto trading platforms, Japanese cryptocurrency exchanges are reportedly trying to streamline the listing process for new cryptocurrencies. In late March, the Japan Virtual and Crypto Assets Exchange Association (JVCEA), a self-regulatory group of 31 local crypto exchanges, is expected to announce a “green list” of 18 widely accepted cryptocurrencies.
No longer subject to review
As a result, Japanese crypto exchanges do not have to screen new coins with the JVCEA every time they want to publish them on their platforms. Furthermore, 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 (BTC), Ethereum (ETH), Ripple (XRP) and Litecoin (LTC) will be included in the future green list. According to reports, a digital asset must have been on three Japanese exchanges for at least six months before it can be added to the green list.
According to the exchange’s official list of traded coins, as of mid-March 2022, more than 80 cryptocurrencies are supported by Binance. According to Coinbase’s official website, the largest crypto exchange in the United States has listed about 160 different cryptocurrencies since its operations in Japan last year.
According to Nikkei, there are only 40 coins listed on Japanese crypto exchanges. JVCEA officials have reportedly indicated that GMO Coin is the largest Japanese crypto exchange by handling supported currencies and 20 cryptocurrencies. Several hacking events in March 2018 sparked a significant investigation by authorities, leading to the creation of the JVCEA. Earlier this year, the Japan Virtual Currency Exchange Association (JVCEA) warned that Japan’s strict screening requirements were preventing Japan’s $1 trillion crypto business from developing.