Crypto exchange Coinbase Japan has nearly doubled the number of tokens it lists on its platform, taking the total of coins listed from six to 11 – a suggestion that Japanese exchanges could start to significantly increase the number of tokens that they manage.
On Twitter, the japanese arm of the exchange wrote that he started trading chainlink (LINK), enjin Coin (ENJ), OMG (OMG), ethereum classic (ETC) and basic attention token (BAT).
The company launched its Japanese branch in August last year, listing three initial tokens. He has since added three more. But the registration process is notoriously difficult in Japan. Until very recently, all token listing applications had to be approved by the Japan Virtual and Crypto Assets Exchange Association (JVCEA), a self-regulatory body, in a process that could often take several months.
Earlier this year, however, the JVCEA announced its intention to streamline the process and allow exchanges to take shortcutsespecially in cases where an exchange wants to list a token that has already been listed on a domestic competitor’s platform.
The Financial Services Regulatory Agency says it wants to have the final say on listing policy changes, but appears to be following the government’s relatively pro-crypto stance reluctantly.
Japanese exchanges hope to list more tokens
Prime Minister Fumio Kishida has talked about Web3 in glowing terms, and agreed to make a number of concessions to the domestic crypto industry. Japanese companies working in the crypto space have reported excessive regulation, while political opponents say Japanese crypto talent and capital are both flowing overseas.
As such, exchanges have benefited – and some are now rapidly increasing the number of coins they list. While at the start of the year, no exchange listed more than 20 tokens, some are on track to end the year with up to 30 coins on their platforms.
Coinbase’s entry into the Japanese market was a slow process. The Japanese crypto exchange scene is dominated by domestic startups like bitFlyer.
Crypto subsidiaries of major Japanese conglomerates are also active in the scene, as are platforms run by local securities firms, such as Coincheck.
But Coinbase’s entry grabbed headlines after the company last year announced its launch in partnership with Mitsubishi UFJ Financial Group, one of the country’s largest banks.