The crypto exchange Coinbase Japan has almost doubled the number of tokens it lists on its platform, taking the total of coins listed from six to 11 – a suggestion that Japanese exchanges could start significantly expanding the number of tokens they handle.
On Twitter, the exchange’s Japanese arm wrote that it had begun trading chainlink (LINK), enjin Coin (ENJ), OMG (OMG), ethereum classic (ETC), and basic attention token (BAT).
The firm launched its Japanese branch in August last year, listing an initial three tokens. It has since added another three. But the listing process is notoriously difficult in Japan. Until very recently, all token listing applications had to be approved by the self-regulatory Japan Virtual and Crypto Assets Exchange Association (JVCEA) – in a process that could often take several months to complete.
Earlier this year, however, the JVCEA announced its intention to streamline the process and allow exchanges to cut corners, particularly in instances whereby an exchange wants to list a token that has already been listed on a domestic rival’s platform.
The regulatory Financial Services Agency says it wants to have the final say on listing policy changes, but looks to be begrudgingly following suit with the government’s relatively pro-crypto stance.
Japanese Exchanges Hope to List More Tokens
Prime Minister Fumio Kishida has spoken about Web3 in glowing terms, and has agreed to make a number of concessions to the domestic crypto sector. Japanese businesses working in the crypto space have claimed of over-regulation, while political opponents say that Japanese crypto talent and capital are both flowing overseas.
As such, exchanges have been taking advantage – and some are now rapidly expanding the number of coins they list. While at the start of the year, no exchange listed more than 20 tokens, some are on course to end the year with as many as 30 coins on their platforms.
Coinbase’s own entry into the Japanese market was a slow process. Japan’s crypto exchange scene is dominated by domestic startups like bitFlyer.
Larger Japanese conglomerates’ crypto subsidiaries are also active on the scene, as are platforms that are run by local securities firms – such as Coincheck.
But Coinbase’s entry made headlines after the firm last year announced its launch in partnership with Mitsubishi UFJ Financial Group, one of the largest banks in the country.