The Japanese government will speed up the digital currency review process and consider tax cuts

On October 20th, the Japan Crypto-Assets Association (JVCEA) stated that it hopes to get rid of the current long screening process before the listing of digital currencies, so that digital currencies can be listed quickly, and measures to simplify the procedures have been in the pipeline since June. The measure could come into effect as early as December, and by March 2023, the JVCEA could also pre-screen newly issued digital tokens on the market. While Japan’s financial regulators can sometimes clash with the JVCEA, regulators can delegate such matters to industry associations, and the JVCEA has reminded its members to keep an eye out for upcoming policy changes, according to people familiar with the matter.

It is reported that the Japanese government has also been considering tax breaks for digital currency startups to ease the burden on digital currency companies operating in the country. At the same time, Japan has been working to strengthen anti-money laundering controls in the industry.

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Translator: OXV Translation Team
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