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The Japan Virtual and Crypto assets Exchange Association wants to weaken requirements for the local digital tokens so that it would be easier for cryptocurrency exchanges to list them, Bloomberg reports.
The association wants to allow trading platforms to list tokens without wasting time on a screening process if the tokens are not new to Japan's market. The change is expected to be made as early as December.
By 2024, the association might also cancel pre-screenings for assets, which were issued through initial coin offering (ICO) or exchange offerings (IEO), said the regulatory body's Vice Chairman, Genki Oda.
The move comes just a few days after the Japanese authorities decided to amend six laws on currencies in the framework of their fight against money laundering. According to local reports, the Japanese government may force cryptocurrency exchanges to identify users and request other necessary information from them.
