Regulators in Japan may be more inclined to approve new virtual currencies for trading if they have greater financial transparency and are not concerned with gambling.
According to a new Xangle Research report on Japan’s digital asset rules, the country’s Financial Watchdog, the Financial Services Agency (FSA), says it does Cryptocurrency companies can be approved if they don’t support decentralized apps (dapps) with gambling or anonymous features.
Named Xangle in particular Quantum (QTUM), the cryptocurrency that was recently available for trading on the Japanese cryptocurrency exchange Coincheck, meets three essential requirements of the country’s self-regulatory groupwho have favourited Japan Cryptoactive Exchange Agency (JVCEA). According to the report, QTUM was transparent in its responses to JVCEA, had sufficient liquidity to be listed on major stock exchanges, and was not involved in “gambling or casino games”.
Other cryptocurrencies, B. Brave’s Basic Attention Token (BAT) and Huobi Token (HT), which are listed in GMO Coin and Huobi Japan, respectively, continued to be whitelisted by regulators who “had demonstrated their financial stability and stability” Projects denotes national standards met “. The Xangle report found that BAT, HT and QTUM had achieved financial transparency, regulatory compliance, and technical stability.
Japan has strict requirements for cryptocurrencies
A Qtum representative said in an interview with Xangle that His approval by the FSA could be due to the fact that he has reliable technology in his three-year history and has strong, decentralized and transparent networks.
Qtum had wanted to enter the Japanese market since 2017, but the FSA was “not very open to adding new tokens to its whitelist,” the representative said. But with Changes to the rules for financial regulators were passed in 2019. Additional cryptocurrency projects have been approved as stricter regulations come into force.
“The Japanese listing regulations are among the strictest requirements in the world. These new listings show that Japanese regulators are open to cryptocurrency, but also very strict about listing rules to protect investors. “