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These recent moves bypass the “green list” approved by the Japan Crypto and Virtual Asset Exchange Association earlier this year, with some crypto tokens qualifying for a faster listing. The association will monitor any “unsuitable” coins and may call on member companies to stop offering them.
Cryptocurrency exchanges are set to need to submit quarterly reports to the Association of Crypto and Virtual Asset Exchanges in Japan on operations associated with the listed currencies, such as the so-called “hard branching,” under which blockchain operations are split due to changes in the underlying software code.
Oda said that more than 50 cryptocurrencies are in circulation in Japan, compared to less than half regarding two years ago, thanks in part to the speed of listing checks. CoinGecko’s aggregate estimate currently indicates that there are more than 13,000 digital tokens worldwide, although many of them are not in circulation and are known as “zombie tokens.”
The potential shift in cryptocurrency listing rules comes as Prime Minister Fumio Kishida pursues an agenda to revitalize Japan’s economy under the rubric of “new capitalism”, including supporting the growth of so-called third-generation Web3 companies, the term referring to the vision of a decentralized internet. Built on Blockchain, the core technology of cryptocurrencies.