Japan’s regulator plans to create a “green list” — a list of verified cryptocurrencies to simplify the listing process on local exchanges.
The Japan Virtual and Crypto Assets Exchange Association (JVCEA) plans to release a “green list” in the country. By the time the list is created, it will include 18 popular and verified cryptocurrencies. Crypto exchanges in Japan will be able to list assets in a simplified model. This is reported by Nikkei, citing a press release from the JVCEA.
Criteria for being added to the list include being listed on three or more exchanges, one of which has listed the currency for at least six months. There is no exact set of cryptocurrencies that will initially appear on the list, but BTC, ETH, LTC and XRP are likely to be included.
The “green list” should simplify the listing procedure and expand the number of crypto assets available in Japan. The regulator explains the need for this by comparing the performance of local platforms with Coinbase as of the end of 2021. There were 40 cryptocurrencies traded on local exchanges, while Coinbase had 139 assets available at the same time. User funds totaled $9.8 billion on Japanese exchanges, while Coinbase had $278 billion in accounts.
The JVCEA unites 31 trading platforms in Japan. The “green list” is scheduled to be released at the end of March.