Users continue to flow to overseas exchanges, with the Japan Cryptocurrency Association listing a "green light list" to expedite the approval process for cryptocurrencies, speeding up the listing process.

According to a report by "Sankei News," the Japan Virtual and Crypto Assets Exchange Association (JVCEA), consisting of 31 cryptocurrency exchanges, is expected to release a "green list" containing 18 popular cryptocurrencies at the end of March. These cryptocurrencies will no longer be subject to screening by Japanese cryptocurrency exchanges before listing.

Japanese cryptocurrency exchanges are increasing competitiveness with foreign cryptocurrency trading platforms by simplifying the listing process for new cryptocurrencies.

The "green list" includes cryptocurrencies widely traded in Japan, such as Bitcoin, Ethereum, Ripple, Litecoin, and others. Criteria for inclusion on the green list include being listed on three or more exchanges, with at least one exchange having listed the cryptocurrency for at least 6 months. Digital assets and cryptocurrencies meeting the green list criteria will not require further screening and approval for listing.

Genki Oda, Vice Chairman of JVCEA, stated that due to the lengthy approval process of over half a year for cryptocurrencies in Japan, only a few cryptocurrency exchanges are profitable. This has led users to flock to overseas exchanges or use unlicensed underground exchanges. The goal of the "green list" is to reduce the time required for approval of listed tokens, bringing the Japanese cryptocurrency trading industry closer to global standards.

Compared to Binance and Coinbase, which have listed over 80 and 160 cryptocurrencies respectively, Japanese cryptocurrency exchanges in total only offer around 40 cryptocurrencies. The Japanese exchange with the most listed cryptocurrencies is GMO Coin, with a total of 20 cryptocurrencies. According to CoinGecko data, as of the morning of the 25th, one of the Japanese cryptocurrency exchanges, BitFlyer, only trades 5 cryptocurrencies.

Established in March 2018, JVCEA was founded in response to rampant hacking at the time. However, the strict scrutiny adopted by JVCEA inadvertently hindered the development of Japan's cryptocurrency industry, which has the potential for a $1 trillion market.

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