Blockchain & Exchange

Japan Relaxes Cryptocurrency Rules, and HK Legalizes Its Trading

Japan Relaxes Cryptocurrency Rules, and HK Legalizes Its Trading

United States – Japan gets serious about rejuvenating the cryptocurrency market while attempting to legalize crypto trading.

Japan takes a move as it revitalizes the crypto industry through Web3. This vision concerns the decentralization of the internet through the Crypto association. This group plans for a looser screening by December.

Japan wants to loosen cryptocurrency regulations, making it simpler to list altcoins. It will possibly boost the allure of the country for Binance, along with foreign crypto-asset exchanges, who are competitors.

As per Bloomberg News, this group that oversees digital asset exchanges wants to let them list crypto coins without the long process unless the altcoins are new in the crypto market.

Loosening the regulations for cryptocurrency aims to make it simpler for startups to include altcoins, as well as to lower the threshold for the crypto market entry. It might take effect by December. The businesses of members have previously accepted the updated files.

Genki Oda mentioned that he characterized it as personal insights, where Japan Virtual and Cryptocurrency Asset Exchange Association might get rid of pre-screenings for tokens and coils coming from primary coin offerings by the next two years, March 2024.

They look forward to the measure to help revitalize the cryptocurrency assets of Japan after receiving the documents.

Crypto exchanges will be able to include crypto tokens within 30 days of informing the coin assessments and listing plan. Oda also stated that the goal is to decrease that to 14 days from April.

On another note, the securities regulator in Hong Kong wants to let retail investors invest in digital assets. This country is contemplating introducing its bill to legalize cryptocurrency alone in a China-free way. This country launched a fund worth $3.8 billion to entice foreign businesses. This country is moving to reclaim its position as a hub for digital assets worldwide by introducing several legal initiatives related to the digital asset industry.

Hong Kong is willing to distinguish its digital asset regulation methodology from China’s blanket crypto ban.

As per Elizabeth Wong, the Securities and Futures Commission or SFC’s head, the government is considering establishing its bill to regulate digital assets independently. The South China Morning Post stated on October 17 that Wong mentioned the initiatives of SFC, wherein it will let retail investors invest in digital assets.

Wong also stated that the initiative would represent a big shift from the stance of SFC over the previous four years, limiting professional investors to digital asset trading on centralized exchanges.

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