The Japan Virtual Asset Exchange Association, the governing body for crypto assets in Japan, has released a document of plans to further relax cryptography laws in the country.
according to According to a Bloomberg report, in December of this year, the association would like to implement a more lenient review process for already approved exchanges to list virtual coins. Applies to tokens that are not new to the market.
By March 2024, regulators may completely do away with the time-consuming pre-screening process, even for new coins hitting the market. This scenario could also include tokens issued through early coins or exchange offerings, said Genki Oda, vice president of the association.
Commenting on the association’s latest announcement, Oda said:
“We hope the latest measures will help revitalize the Japanese cryptocurrency market.”
These new measures from Japanese regulators came in hopes of revamping the local crypto scene and making it easier for startups to get their foot in the door.
The Japanese government passed a cabinet decision on October 14th to amend the money laundering law. This means that operators facilitating the exchange of crypto assets are required to provide user information and notify operators.
Recently, Japan is looking at the growth of the cryptocurrency scene as the government amends its laws and regulations. In August, officials said they would Consider implementing tax reform To prevent withdrawal of crypto startups.
this came right after Japanese crypto group called out to regulators To end the tax on paper profits.
Japanese Prime Minister Fumio Kishida said: the government will try To promote the use of new Web3 technologies in a speech on October 3rd.
In September of this year, NFT issued by the Japanese government As a reward for good work to the local government.