The report states that token listings on crypto exchanges in Japan could be very fast very soon.
The idea is that exchanges may not have to wait too long before listing digital tokens due to an equally lengthy screening process.
according to a report bloomberg published On Wednesday, the Japanese government expressed dissatisfaction with the existing framework and is in talks with the Japan Virtual and Crypto Assets Exchange Association (JVCEA) on the possibility of overhauling it.
JVCEA is a self-regulatory body tasked with overseeing digital asset exchanges in the country. In May, the government criticized it for its slow “pre-screening” of crypto tokens.
consumer protection key
Reportedly, the JVCEA is considering the possibility of allowing exchanges to list certain tokens, with a review after that. The deliberations, whose final report is expected by the end of the year, will also consider the scenario of tokens delisted to exchanges after post-listing screening.
Notably, the administration of Prime Minister Fumio Kishida believes that the process can be accelerated, even if measures are taken to ensure consumer protection.
It follows the fall of Terra (LUNA) last month, which also included TeraUSD (UST) – a stablecoin that lost its peg to the US dollar, catalysing further losses across the market.
This same need to protect users has prompted South Korean policymakers to call for token listing guidelines for the country’s crypto exchanges. legislators want Exchange to implement self-regulatory System on listing and delisting of tokens with the main purpose for public safety.
It is estimated that 280,000 South Koreans were affected by the fall of Luna.
