The body that governs Japan’s almost $1 trillion (¥114 trillion) market for cryptocurrency trading is considering making it easier to list digital tokens, people with knowledge of the matter said, a potential boost for newcomers like Coinbase Global Inc.
Under new rules the industry’s self-regulatory body is weighing, crypto-exchanges would be allowed to list more than a dozen coins in one go without a lengthy screening process, said the people who asked not to be identified discussing private deliberations. Until recently, any token listing had to go through a screening that takes six months or longer, they said.
The existing system makes it harder for new entrants to gain market share by offering a wider selection of tokens, according to the people. Coinbase, which started trading services in Japan in August through a local subsidiary, offers just five coins in Japan, compared with more than 100 in the U.S.