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According to Coindesk, Japan’s accredited self-regulatory body for the crypto industry is simplifying a complicated screening process that digital tokens must undergo before being listed on local exchanges. These rules will come into effect in December and have been approved by Japan’s top financial regulator, the Financial Services Agency. But a Bloomberg report saying the Japan Virtual Currency Exchange Association (JVCEA) is trying to remove all coin screenings by 2024 is not entirely accurate, according to the body’s Vice Chair Genki Oda. “This does not mean that the pre-screening process will be completely eliminated. JVCEA will continue to perform certain checks,” Oda said. 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. 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. 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.

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【Some, not all, crypto token screenings will be scrapped, Japan’s JVCEA official says】According to Coindesk, Japan’s accredited self-regulatory body for the crypto industry is simplifying a complicated screening process that digital tokens must undergo before being listed on local exchanges. These rules will come into effect in December and have been approved by Japan’s top financial regulator, the Financial Services Agency. But a Bloomberg report saying the Japan Virtual Currency Exchange Association (JVCEA) is trying to remove all coin screenings by 2024 is not entirely accurate, according to the body’s Vice Chair Genki Oda. “This does not mean that the pre-screening process will be completely eliminated. JVCEA will continue to perform certain checks,” Oda said. 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. 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. 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.

Some, not all, crypto token screenings will be scrapped, Japan’s JVCEA official says

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