Japan’s Virtual and Crypto Assets Exchange Association (JVEA) announced a ‘green list’ of cryptocurrency trading pairs that it’s set to approve in the near future, with Litecoin being among them.
Lagging behind its International peers on crypto innovation, the country has now opted to reduce friction for 18 coins on 31 leading exchanges.
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The Japanese exchanges drew up a shortlist of tokens which included Bitcoin, Litecoin and Ethereum.
In an online presentation, the association said it is producing a “green list” deemed “widely handled in Japan” to be included in the listings. In order for a coin to be listed, it must be trading on at least three exchanges – one of which must have been listed for six months.
The country is currently behind its peers. Coinbase, one of the biggest centralized cryptocurrency exchanges based in the United States, had 139 crypto trading pairs by the end of 2021. In comparison, only 40 cryptocurrencies are listed on Japanese exchanges.
According to a JVCEA representative, the exchange with the most listings in Japan at the moment is GMO Coin, which handles 20 cryptocurrencies.
Genki Oda, the vice-chair of JVCEA, said,
“The goal is to eliminate the time it takes to list a token and bring the industry closer to global standards.”
Since cryptocurrencies take time to become recognised in Japan, only a few crypto exchanges are lucrative, according to Genki. Consequently, users flocked to international exchanges leaving Japan behind.
The new policy will bootstrap the JVCEA to quickly certify cryptocurrencies such as Litecoin, as well as initial coin offers, and initial exchange offerings.
Litecoin trades at $119, up 7% on a weekly basis.
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