Some Not All Crypto Token Screenings Will Be Scrapped Japan s JVCEA Official Says HEAD TOPICS

Some Not All Crypto Token Screenings Will Be Scrapped Japan s JVCEA Official Says

10/21/2022 5:27:00 PM

Despite recent reports to the contrary Japan s self-regulatory body will continue to vet some crypto tokens before they are listed on exchanges JVCEA s @genkioda told @lavender_au

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CoinDesk

Despite recent reports to the contrary, Japan’s self-regulatory body will continue to vet some crypto tokens before they are listed on exchanges, JVCEA’s genkioda told lavender_au The legally approved self-regulatory body wants to streamline screenings for tokens that are already listed on local exchanges while keeping existing standards for other assets including those only listed on foreign platforms. and complicated token listing requirements.All crypto tokens are vetted by the JVCEA before they are approved for listing on local trading platforms. Currently, unless a token is already listed on at least three exchanges, it has to go through a lengthy pre-screening process to be allowed on additional exchanges. The stringent requirement is limiting the number of tokens available for trading on Japanese exchanges, prompting local investors to turn to exchanges outside of Japan like Bybit and Binance in search of more choice, Oda said.With the JVCEA’s new rules, if the asset is already listed on one exchange, other exchanges do not need to go through a pre-screening process to list the same asset. Read more:
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Sterling rallied on Thursday and investors reined in their bets on a big Bank of England interest rate hike in November as UK Prime Minister Liz Truss announced her resignation just six weeks after she was appointed. Read more >> Japan to Relax Cryptocurrency Listing Rules – Regulation Bitcoin NewsThe Japan Virtual and Crypto Assets Exchange Association plans to allow crypto trading platforms to list coins without a lengthy screening process. cryptocurrency Airdrop campalgn now Why is nooboody talking about this Why dont they want us to know this JPMorgan Hires Crypto Policy Head From Celsius NetworkJPMorgan Chase, whose chief executive recently expressed skepticism of cryptocurrency, has hired a crypto policy head from bankrupt cryptocurrency lender Celsius Lol Glad I closed my account years ago. All the Walmart greeters upon entering the bank got old. Kinda creepy. What a surprise. Japanese regulators loosen crypto laws and make it easier to list coinsThe association plans to implement a looser screening process for already authorized exchanges to list virtual coins. However, this would apply to tokens that are not new to the Japanese market. And how they gona regulate it? First Mover Asia: Why Bridges Are So Vulnerable to Exploit; Bitcoin Falls Under $19KCrypto developer hal2001 says centralization and reliance on private key holders are to blame for bridge exploits that have led to $2B in losses in 2022, not the technology and logic behind the bridges themselves. ShauryaMalwa and JPRubin23 report hal2001 shauryamalwa JPRubin23 Hilarious hal2001 shauryamalwa JPRubin23 the only solution is to push decentralization even more, with the help of bitDAO that's supporting all types of builders to accelerate the growth of DeFi and mass adoption of crypto hal2001 shauryamalwa JPRubin23 Why can't they use SmartVaults to secure Bridges. Eg: The latest exploit compromised 5 keys of a 5-of-9 MultiSig setup securing the Bridge. With SmartVaults, if 5-of-9 keys are used to unlock the Bridge, 6-of-9 keys upto 9-of-9 keys can be used to reverse the transaction. Crypto unicorn Aptos saw its token price plunge and its blockchain criticized after its public debutAptos impressed venture investors with its promise of improved blockchain technology. But many enthusiasts and everyday investors weren't so wowed by the system's public debut. burdened by heavy corporate taxes and complicated token listing requirements.49 seconds ago Japan to Relax Cryptocurrency Listing Rules The Japan Virtual and Crypto Assets Exchange Association (JVCEA) plans to allow crypto trading platforms to list coins without going through a lengthy screening process.JPMorgan Chase & Co.0:00 News The Japan Virtual and Crypto Assets Exchange Association, the governing body that deals with crypto assets in Japan, released documents of plans to further ease crypto laws in the country. All crypto tokens are vetted by the JVCEA before they are approved for listing on local trading platforms. Currently, unless a token is already listed on at least three exchanges, it has to go through a lengthy pre-screening process to be allowed on additional exchanges. Relaxing Listing Rules for Cryptocurrencies The Japan Virtual and Crypto Assets Exchange Association (JVCEA) is planning to loosen crypto listing rules to make it easier for trading platforms to list cryptocurrencies, Bloomberg reported Wednesday, citing a document it has seen. The stringent requirement is limiting the number of tokens available for trading on Japanese exchanges, prompting local investors to turn to exchanges outside of Japan like Bybit and Binance in search of more choice, Oda said. Mr. With the JVCEA’s new rules, if the asset is already listed on one exchange, other exchanges do not need to go through a pre-screening process to list the same asset. The relaxed rules could take effect as early as December, the publication conveyed, adding that the documents outlining the changes were recently distributed to member firms. “It is assumed each crypto asset exchange will conduct its own review,” Oda said in an interview with CoinDesk. Oda said of the association's latest announcement: “We hope the latest measure will help revitalize Japan’s crypto assets market. The JVCEA will still make sure that each company conducts thorough reviews. He believes that the JVCEA could also scrap pre-screenings for cryptocurrencies new to Japan and tokens issued through initial coin or exchange offerings by March 2024. Mr. The rules, which were already shared with the crypto exchanges that make up the self-regulatory body, do not apply to assets that have been listed on foreign exchanges but not on exchanges in Japan. The loose screening requirements also don’t apply to project fundraises through initial coin offerings (ICO) and initial exchange offerings (IEO) as well as crypto assets like stablecoins. The JVCEA is a self-regulatory body that governs crypto exchanges operating in Japan. “Many of the 31 exchanges are positive about this improvement,” Oda said, referring to JVCEA members. Iovine said he has “focused on developing policies that foster responsible innovation while emphasizing consumer protection and regulatory oversight” and has worked on issues related to crypto licensing, anti-money-laundering requirements and cybersecurity standards. Some members think the changes don’t go far enough, and have called for the rules to include assets listed on foreign exchanges. The group currently has 33 members who have started handling crypto assets, its website shows. Recently, Japan has been considering the growing crypto scene as the government revises laws and regulations. “The entire Japanese crypto market will be damaged in the event that inappropriate crypto assets are [listed],” Oda said. “We have decided to exclude them from the scope. Under the JVCEA’s new rules, crypto exchanges will be able to list tokens within 30 days of reporting their listing plans and coin assessments. Newsletter Sign-up WSJ Risk and Compliance Journal Our Morning Risk Report features insights and news on governance, risk and compliance.” Backlog A year ago, crypto asset screenings in Japan were messy. More than 80 crypto assets were stuck in a backlog awaiting review, and only up to five of them were reviewed each month. The new rules expand on the “Greenlist” which the JVCEA introduced in April to allow exchanges to list the most common tokens faster. Even listing bitcoin or ether on an exchange could take at least a month. His appointment to the newly-created position, amid increasing regulatory interest in crypto, comes one month after JPMorgan Chase Chief Executive Jamie Dimon told lawmakers he was suspicious of the tokens. Specifically, he mentioned the usage of nonfungible tokens (NFTs) and the Metaverse. The JVCEA has cleared the backlog of assets that could have been stuck in a queue for two years. Binance is reportedly seeking a license to after exiting it four years ago. Currently less than 10 assets are in need of vetting, Oda said, adding that the association has five to eight staff members dedicated to reviewing assets. On average, they can review five to 10 new crypto assets per month, he said. Tags in this story. “They are decentralized Ponzi schemes, and the notion that it’s good for anybody is unbelievable,” he said at a hearing of the U. Trouble with regulators Earlier this year, reports suggested there was a rift between Japan’s financial watchdog, the FSA, and the JVCEA. Financial Times reported that the FSA had issued warnings to the association and was displeased with its management. JVCEA staff had formed a union in response to workplace harassment from a member of management. Mr. The manager in question has since resigned, Oda said. He told CoinDesk that the JVCEA and FSA have resolved management issues and have a “direct communication path.” CoinDesk has reached out to the FSA for comment. More From Risk & Compliance. Oda said the JVCEA was next turning to clarifying accounting standards for crypto assets. JVCEA is preparing for discussions on how to conduct audits with the financial regulator and accounting firms. Read more about .