The Japan Virtual and Crypto Assets Exchange Association, the governmental agency handling crypto assets in Japan, introduced papers containing plans to for crypto laws adoption locally. 

Specifically, as early as December 2022, the association reportedly aims to complete the implementation of a less strict screening process for already greenlit exchanges to list virtual coins. 

Nonetheless, this would be applicable to tokens that have been available in the Japanese market.

The regulators is pondering the decision to remove the lengthy pre-screening process altogether, even for coins new to the market, by March 2024. This scenario could also cover tokens issued via initial coin or exchange offerings, as revealed via remarks from by Genki Oda, the association’s vice president.

“We hope the latest measure will help revitalize Japan’s crypto assets market.” Oda stated of the association’s most recent announcement. 

The fresh developments from Japanese lawmakers surfaces in the hopes of bringing adjustments to the local crypto sphere, as well as simplifying the process for startups to get a foot in the door. 

The Japanese government reportedly issued approval for a cabinet decision regarding the revision of laws associated with money laundering on Oct. 14, dictating businesses that facilitate the exchange of crypto assets must provide user data and notify the business operators.

Recently, Japan has been taking into consideration the developing crypto sector as the government revises laws and regulations. In August, officials said they will consider implementing tax reforms to prevent crypto startups from leaving.

Japanese Prime Minister Fumio Kishida further revealed that the authority will be putting in extra efforts to promote the use of new Web3 technologies via a speech on Oct. 3. Specifically, he mentioned the usage of nonfungible tokens (NFTs) and the Metaverse.