Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
Japanese crypto exchanges
World exchanges

Japanese crypto exchanges will soon not be required to undergo verification before listing

21.08.2022
2 min read

Japanese crypto exchanges complain of a lengthy verification process before entering the market

The Association, which operates cryptocurrency exchanges in Japan, is considering changing the rules for listing. The issue was raised after government representatives opposed the existing processes, arguing that asset verification takes too much time. Therefore, it is possible that Japanese crypto exchanges will soon be able to carry out market entry without prior verification.
It should be noted that cryptocurrency market participants are also dissatisfied with the activities of the association. They have repeatedly complained about the system, which delayed the audit procedure, as a result of which the listing had to be postponed for more than six months. After listening to the companies, the government group trusted the association to improve the processes in order to shorten the time it takes to conduct the audit. At the same time, the procedure must not violate the rights of market participants.
In the spring of this year, the association announced the drafting of the so-called “green list”, which will include the most popular cryptocurrencies. According to the organization, such an innovation should eliminate the need for checks before listing by national exchanges. Criticism from the government once again demonstrated the importance of making changes to the current rules that limit the development of the cryptocurrency industry. The control of assets after the company has been listed is an important point that the association emphasizes for itself.Japanese crypto exchanges-2It is noted that the new rules will not apply to ICO projects. In addition, the regulator has the full right to limit trading operations with crypto-assets, which are considered problematic. Moreover, it can do this already after the trades have started. Now the new rules from the Japanese association are waiting for approval, which is issued by the Financial Services Agency.
Also, Japanese authorities are planning to make another change to the law that concerns the cryptocurrency industry. It is about the permission to confiscate digital money if it will be used in criminal activities.
The law itself has been in force in the country since 1999 and involves the control of proceeds related to crimes. It will be supplemented with clauses that regulate the activities of law enforcement agencies concerning cryptocurrencies used in money laundering or stolen. Now they can be confiscated, although before this procedure was applied to property and traditional money.
Changes to the law will allow to control of transactions with cryptocurrencies and reduce the likelihood of their use for criminal purposes. So far, the amendment is awaiting approval, but the authorities plan to formally approve it in the near future. After that, the police will be able to access the crypto accounts of criminals and seize assets if necessary. This step is another step to improve the regulation of digital money in Japan.

Tags: World exchanges
0
Previous Post Interactive content: benefits for promotion Next Post Chip maker Broadcom buys VMware for $61 billion

You Might Also Like

Arm
World exchanges
SoftBank considers going public with Arm by the end of 2023
13.05.2023
Bitcoin transactions
World exchanges
Forbes: bitcoin transactions on exchanges have a high risk of fictitiousness
16.10.2022
Singapore Exchange
World exchanges
Huobi Singapore Exchange introduces new tools for traders
01.03.2021
London Stock Exchange cloud services
World exchanges
London Stock Exchange plans to introduce cloud services from Microsoft
02.03.2023
NTPro
World exchanges
Moscow Exchange wants to buy NTPro platform
31.03.2021
Placement of OFZ by the Ministry of Finance
World exchanges
OFZ by the Ministry of Finance will be listed on the St. Petersburg Stock Exchange
09.02.2021

Popular Posts

  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Spain’s economy performs best in the EU

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Popular Posts

  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
  • Field of activity of the American Monsanto Company Corporation
  • Spain’s economy performs best in the EU
  • Li Ka Shing: How can success be achieved without money and education?
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram

© 2024 CHASLAU KONIUKH. ALL RIGHTS RESERVED. Expert in marketing and project management, international investments, financial analyst.

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics