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Japan Liberalizes Crypto Industry

Crypto exchanges will no longer need to go through a lengthy screening process to list new coins, unless the tokens are new to the country’s market.

Crypto exchanges will no longer need to go through a lengthy screening process to list new coins, unless the tokens are new to the country’s market.

Previously required by Japan’s securities regulator, the new rule takes effect immediately, according to Bloomberg, citing documents viewed by the publication.

The report, published Wednesday, also noted that Prime Minister Fumio Kishida’s administration is making the Web3 market a part of his economic policy and is likely to change corporate taxes next year to help crypto entrepreneurs.

Stablecoin rules to ease

Earlier this week, Nikkei reported that a draft legislation currently seeking feedback stands to reverse a ban on the distribution of foreign stablecoins locally, meaning local crypto exchanges will be able to list “foreign” stablecoins such as USDT and USDC.

Distributors will be allowed to handle foreign-issued stablecoins on the condition that they maintain sufficient assets, the report said. The new rules will be applied in conjunction with the revised Payment Services Act that will come into effect in 2023.

The Japan Virtual and Crypto Assets Exchange Association, the governing body that deals with crypto assets in Japan, had announced in October its plans to further ease crypto laws in the country. There are currently 33 exchanges enrolled in the association, with 18 of them on a “green list,” according to Bitcoinst.

Earlier this week, Blockhead reported that crypto exchange Kraken would be exiting the Japan market in e, citing “current market conditions in Japan in combination with a weak crypto market globally.”

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