The measures could take effect as early as December, and would only make it easier for exchanges to list crypto assets that are already known to the Japanese market. By March 2024, the JVCEA could also "scrap pre-screenings" for tokens that are new to the market, according to the report.
Although Japan's financial watchdogs might sometimes be at odds with the JVCEA, a source familiar with the proceedings confirmed to CoinDesk that regulators could delegate matters like these to the industry association. The JVCEA has already alerted its members to the upcoming changes, the report said.
The initiative to simplify token screening has been in the works since at least June, according to a previous report by Bloomberg Japan.
Aside from looking to unburden startups, Japan has also been investing in the metaverse, while on the other hand, the government is planning stronger anti-money laundering controls on the industry.
UPDATE (Oct. 21, 13:15 UTC): Clarifies that Bloomberg reported the rules will take effect by March 2024.
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