Just-In: Japan’s Prime Minister Aids Abolition Of Country’s Strict Crypto Rules

‪According to Bloomberg, Fushio Kishida, Japan’s Prime Minister, has indicated his disapproval of the stringent rules currently guiding the country’s cryptocurrency industry, this has therefore led to discussions for new and better policies.

Recommendations for a better listing system

In May, Kishida was a member of a government panel that harshly critiqued the crypto listing process in the country, asserting that it could be a lot easier, and unnecessarily time was usually spent during the prescreening of crypto assets.

Following this call, The Japan Virtual and Crypto Assets Exchange Association (JVCEA), is moving to allow the process of listing coins easier, the self regulatory body is said to be having discussions on the matter and would come to a final decision by the end of the year.

Nevertheless, whatever decisions  the JVCEA come up with will be screened first  by Japan’s Financial Service Agency, FSA. An FSA officer who asked not to be identified said that they are not sure what the JVCEA will come up with and whether the FSA will approve of it.

Sources with knowledge of the matter say the JVCEA won’t be involved during the listing process henceforth. However, they will oversee the assets after listing. The current process involves the listing of coins that may not be on the JVCEA green list introduced earlier this year.

Japan’s PM calls for innovations in the industry

Although Japan’s local crypto firms have very little to offer as regards coins listing, the country has begun to seek measures to boost the crypto space and Prime Minister Kishida has indicated interest in utilizing Web3 to boost economic growth.

In May, while In the UK, the Prime Minister remarked on blockchain, non-fungible tokens (NFTs), the metaverse and he had discussions with potential investors about reforms emphasizing on Web3.

“We are confident that incorporating new digital services such as the metaverse and NFTs will lead to economic growth for Japan. As we enter the Web3 era, I feel strongly that we must resolutely promote this environment from a political standpoint.” the PM said at a hearing.

All of these might potentially lead to a boost In interaction with other foreign tech companies and crypto firms and eventually have them established in the country, as we saw with FTX.