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30-03-2022|Crypto

Japanese Exchange to Become First Licence-holding Platform to List Dogecoin.

BTCBOX, a Japanese crypto exchange, has announced that it would list dogecoin (DOGE) - a significant first for the token in Japan, given that the trading platform is registered with the Financial Services Agency (FSA).

BTCBOX announced in a tweet that DOGE would be listed "before the end of April" and that more information would be released soon.

The firm added that DOGE pairings will be available as part of the company's "Easy Trading".

Before the FSA took over policing the Japanese exchange sector, exchanges were mostly unregulated, and they were allowed to add whatever altcoin they wanted to their platforms. However, the FSA began requiring exchanges to follow severe compliance standards (including a variety of listing protocols) in September 2017, compelling offenders to suspend or cancel their operations.

The FSA has continued to weigh in on the issue of which coins could be listed on platforms as part of this regulatory push.

Since then, the self-regulatory Japan Virtual and Cryptoassets Exchange Association (JVCEA) – which includes all of the country's FSA-licensed exchanges – has been in charge of listing policies. This body has been considering all new coin listing applications one by one, which has resulted in significant backlogs for individuals requesting to add new coins.

As previously reported, the JVCEA is currently looking to shorten regulatory procedures, despite the fact that this conservative approach means Japanese crypto consumers can only trade in about 20 coins on domestic platforms. Interested DOGE traders, for example, have been forced to use foreign sites.

Even so, it's been difficult: the FSA has repeatedly advised foreign crypto exchanges against courting Japanese custom by adding Japanese-language in-app services and giving customer support in Japanese.

Later this month, the JVCEA wants to create a "green list" of 18 "popular cryptocurrencies." It also intends to implement a rule that would allow exchanges to list currencies that have already been listed on competing platforms. As a result, if BTCBOX's DOGE listing goes as planned, additional Japanese trading platforms may be enticed to follow suit in the months ahead.

Kabosu, the Shiba Inu dog who inspired DOGE, is Japanese. He was adopted by a kindergarten teacher named Atsuko Sato in 2008, and went on to become an internet sensation both in Japan and abroad.

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