Coinbase exchange Japan Almost Doubles the Number of Tokens it Lists

Coinbase exchange Japan Almost Doubles the Number of Tokens it Lists

 

The Cryptocurrency Exchange Coinbase Japan has almost doubled the number of tokens it lists on its exchange platform, taking the total of coins listed from six to 11 – a suggestion that the Japanese exchanges could start significantly expanding the number of tokens they handle.

 

On Twitter, the global exchange platforms Japanese arm wrote that it had begun trading chainlink (LINK), enjin Coin (ENJ), OMG (OMG), ethereum classic (ETC), and basic attention token (BAT).

 

The Crypto firm launched its Japanese branch in August last year, listing an initial three tokens. It has since added three more tokens. But the token listing process is notoriously difficult in Japan. Until very recently, all token listing applications had to be permitted by the self-regulatory Japan Virtual and Crypto Assets Exchange Association (JVCEA) – in a process that could often take several months to finish.

 

Also Read: Coinbase Exchange To Benefit Near Term From Staking Revenue Post Ethereum Merge, According To Goldman

 

Earlier this year, however, the JVCEA announced its aim to streamline the process and allow Cryptocurrency Exchanges to cut corners, particularly in instances whereby an exchange wants to list a token that has already been listed on a domestic rivals 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-cryptocurrency stance.

 

Also Read: Shopify CEO Bought More Coinbase Stock

 

Japanese Exchanges Hope to List More Tokens

 

Japanese Prime Minister Fumio Kishida has spoken about Web3 in glowing terms, and has agreed to make a number of concessions to the domestic Cryptocurrency sector. Japanese businesses working in the cryptocurrency space have claimed of over-regulation, while political opponents say that Japanese cryptocurrency talent and capital are both flowing overseas.

 

As such, Cryptocurrency Exchanges have been taking advantage and some are now rapidly expanding the number of tokens they list. While at the start of the year, no cryptocurrency exchange listed more than 20 tokens, some are on course to end the year with as many as 30 tokens on their platforms.

 

Coinbase Exchange is own entry into the Japanese market was a slow process. Japan’s cryptocurrency exchange scene is dominated by domestic startups like bitFlyer.

 

Larger Japanese conglomerates cryptocurrency subsidiaries are also active on the scene, as are platforms that are run by local securities firms, such as Coincheck.

 

Also Read: Crypto Exchange Coinbase Enlists Broadridge Financial To Improve Liquidity

Also Read: Is Coinbase Exchange Doing Right By Your Staked Ethereum?

 

But Coinbase Exchanges entry made headlines after the firm last year announced its launch in partnership with Mitsubishi UFJ Financial Group (MUFG), one of the largest banks in the country.