Japan’s “White List”

[KYCbench]

 

How new cryptocurrencies listing will change the balance of power in the global digital asset market?
     
Japan is an important Asian jurisdiction, where regulation of the Bitcoin market and cryptocurrency in their broader sense is considered one of the role models for the rest of the community. The country of the rising sun, if you remember, first began to consider Bitcoin in the framework of monetary legislation and formulated clear rules for the operation of cryptocurrency exchanges.

It is also important to note that the Japanese Yen, as of March 14, 2019 (according to the Coinhills), is leading the globe in Bitcoin trading with more than 45%. In second place is the US dollar (about 44%), in third place is the Brazilian Real (3%), the Korean Won is located nearby (2.79%). EURO is closing the top five with only 1.7%.

The cryptocurrency exchange services in Japan require a license issued by the local Financial Services Agency (FSA). At the end of February 2019, only 17 companies had this license. Although Japan does not have a legally allowed list of currencies for trading and distribution, the 17 coin operators in circulation are usually referred to as the “White List” of cryptocurrencies - there are a total of 21.

In March 2018, licensed Japanese crypto exchanges created the Japan Virtual Currency Exchange Association (JVCEA) self-regulatory organization, which, along with the FSA, was empowered by the government to develop legal regulations in cryptocurrency industries and blockchain technologies and was officially accredited in October 2018.

The association is lobbying the interests of leading representatives of the industry, and is also trying to add new cryptocurrencies to the already mentioned FSA “White List”.

Considering the world's largest scale of investment in Bitcoin, as well as the white list of cryptocurrencies secretly approved by Japanese law, we can say that local investors have great potential for investment in digital assets.






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