According to reports, the Japanese crypto exchanges could soon be able to list tokens much faster than they currently do.
This is because the screening process for digital tokens can take a long time so that exchanges don’t have to wait as long.
According to a report Bloomberg publishedOn Wednesday, the Japanese government expressed dissatisfaction at the current framework and was in discussions with the Japan Virtual and Crypto Assets Exchange Associations (JVCEA), about the possibility of revamping it.
JVCEA, a self-regulatory organization that oversees digital asset exchanges in the nation, is called JVCEA. In May, the government criticized it for what is reportedly a slow “pre-screening” of crypto tokens.
Consumer protection key
JVCEA is reportedly looking into the possibility that exchanges could list tokens, and then follow up with a review. The final report of the deliberations is expected to be completed by the end the year.
Notably, Prime Minister Fumio Kishida’s administration believes the process can be hastened even as measures are taken to ensure consumer protection.
This follows the collapse of Terra (LUNA) last month, which also involved the TerraUSD (UST) – a stablecoin that lost its peg to the US dollar to catalyze further losses across the market.
It’s this same need to protect users that has seen South Korean policymakers push for token listing guidelines for the country’s crypto exchanges. Lawmakers want exchanges to implement a self-regulatorysystem for the listing and delisting tokens, with the primary objective of protecting public safety.
The LUNA collapse reportedly impacted 280,000 South Koreans.
